When Will We Finally Say It’s Final?

June 19, 2012 | By Jerry Ashworth | Post a Comment

It’s really getting dicey now. It’s June 19 and the Office of Management and Budget still hasn’t finalized the OMB Circular A-133 Compliance Supplement. The agency has issued it in draft form, but we still await the final version.

Regular readers of our blog know that I have tagged June 21 — this Thursday — as the unofficial deadline for the OMB to finalize the compliance supplement because this is the first day of the American Institute of Certified Public Accountants’ Not-for-Profit Conference here in D.C. The notion of a large group of auditors coming to town has traditionally seemed to spur the OMB to issue the supplement just in time to share the news to the auditors. I’m beginning to wonder if there will be such good news this year. There’s only two days left.

The delayed finalization of the compliance supplement also wreaks havoc for planned webinars on the compliance supplement. I know of one webinar on the supplement slated for today, and I’m sure the presenters would have preferred to discuss information from a final version rather than a draft version. We here at Thompson have chosen to wait until the final version is released before presenting a webinar providing the details about it. Stay tuned to this blog and we’ll let you know more about that as details unfold.

They say the definition of insanity is doing the same thing over and over and expecting different results. In essence, that’s how I’ve felt over the last several days as I continue to check the OMB website and refresh my email looking to see if the compliance supplement has been finalized.  Making matters even more tense is that I have several colleagues around the office asking me regularly if it has been finalized. I know the OMB clearance process isn’t a piece of cake, but count me as one person who’s ready for the final 2012 Circular A-133 Compliance Supplement to see the light of day.

Let us know how you feel about the delays in issuing the final compliance supplement.


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