On May 12, 2022, the Office of Management and Budget released the 2022 Compliance Supplement, which is the earliest release of the Compliance Supplement in recent years. The 2022 Compliance Supplement is to be utilized as the primary audit guide for single audits for entities with annual periods beginning July 1, 2021 or later.
Learn moreOn December 3, 2021, the Office of Management and Budget (OMB) released the first of two 2021 Compliance Supplement Addenda (2021 Addendum 1).
Learn moreOn March 19, 2021, the Office of Management and Budget (OMB) issued Memo M-20-21, which was addressed to federal agencies. The memo contains several items, but perhaps the most important is a single audit submission extension discussed below.
Learn moreOn December 22, 2020, the Office of Management and Budget (OMB) released the 2020 OMB Supplement Addendum to address the largest new federal programs established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Learn moreOn August 18, 2020, the Office of Management and Budget (OMB) released the 2020 OMB Single Audit Compliance Supplement (Supplement).
Learn moreThe GASB recently issued Technical Bulletin No. 2020-1 Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases.
Learn moreOn Thursday June 19th, the Governmental Accounting Standards Board (GASB) issued its Implementation Guide on Fiduciary Activities (guide).
Learn moreOn July 1, 2019, the Office of Management and Budget (OMB) announced the release of the 2019 OMB Compliance Supplement. The supplement contains the policies and procedures required to be followed by federal, state and local entities in regards to expending federal funding and the procedures required to be performed by auditors when conducting the single audit over these federal programs.
Learn moreIn January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities (Statement). The requirements of the Statement are effective for reporting periods beginning after December 15, 2018 (i.e., December 31, 2019 year ends and fiscal years ending in 2020).
Learn moreOn August 20, 2018, the Securities and Exchange Commission (SEC) adopted amendments to SEC Rule 15c2-12, which identify two new events requiring disclosure with the Municipal Securities Rulemaking Board (MSRB) via the EMMA system within 10 business days of their occurrence.
Learn moreThe Tax Cuts and Jobs Act (the Act) was signed by President Trump on December 22, 2017. The following are highlights that have some implications for state and local governments. As with past tax acts, there are likely to be “technical corrections” passed in future legislation. While technical corrections are often minor, occasionally the changes are material.
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