Who Knew Dec. 15 Would Be Such an Important Day?

December 14, 2011 | By Jerry Ashworth | Post a Comment

Tomorrow could be a big day in the grants management and audit arena. Here are a couple of items we’re watching closely.

First, the revised Government Auditing Standards is slated to become final before the year is out. Although the Government Accountability Office posted the interim revisions online in August, it has been waiting for the American Institute of Certified Public Accountants to complete its clarity revisions before making it final. Under the revised GAGAS, the effective date for financial audits and attestation engagements is for periods ending on or after Dec. 15, 2012, while the effective date for performance audits is for audits beginning on or after Dec. 15, 2011. That’s tomorrow!

Also, the Office of Management and Budget has established a task force to consider revisions to OMB Circular A-21. The task force issued a request for comments this summer and prepared initial recommendations in August. However, it opted to gather even more comments during the fall, and OMB officials have told us that the task force expects to issue a second set of recommendations on Dec. 15. Again, that’s tomorrow!

Each of these topics could have huge implications on the way grantees and auditors currently conduct their daily business. We encourage you to stay tuned to the Federal Grants Management Handbook and Single Audit Information Service for find out more about these issues, as well as and other developments that come down the pike next year.

How do you feel about the revised Yellow Book? What changes would you make to Circular A-21? Let us know.

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