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A Single Audit (formerly known as OMB Circular A-133) is an organization-wide audit that includes both the entity’s financial statements and schedule of expenditures of federal awards. The U.S. Office of Management and Budget (OMB) issued comprehensive grant reform rules called Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) in December 2013. These rules were effective for new federal awards and changes to funding increments issued after December 26, 2014, and beginning with the fiscal year end, December 31, 2015. A non-federal entity that expends $750,000 or more during their fiscal year in federal awards must have a Single Audit conducted.

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 COFAR Released Updated Uniform Guidance

COFAR releases updated Uniform Guidance FAQs July 2017, including auditee responsibilities related to the SEFA, prior audit findings, and the Corrective Action Plan.

In July 2017, the Council on Financial Assistance Reform (COFAR) released an update to the Frequently Asked Questions document of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). There are 24 new FAQs that were added to the document, along with revisions to four previously released FAQs.

The update includes many new questions related to indirect costs, including many that may be useful to subrecipients receiving awards from pass-through entities.

There is also clarification on the presentation details of the Schedule of Expenditures of Federal Awards (SEFA) and the auditee responsibilities related to the Summary Schedule of Prior Audit Findings and the Corrective Action Plan.

Additional requirements have been set forth requiring auditee Corrective Action Plans to be submitted on auditee letterhead (200.511-1)..

The complete FAQ can be found at Uniform Guidance FAQsPDF Document.

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