Thomson Reuters has released a Checkpoint special report, Single Audits: Uniform Guidance — Lessons Learned, which outlines key issues for practitioners that have arisen during the first season of single audits performed under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Thomson Reuters editors collected feedback by surveying customers and auditors in the field and reviewing data collection forms filed to-date, along with initial reports from regulatory agencies. The special report focuses on how auditors can leverage these early lessons to perform future audits and better anticipate additional matters that will surface during peer reviews.
“As any experienced practitioner is well aware, the Uniform Guidance introduced sweeping changes for single audits that were effective last year,” said Salim Sunderji, Managing Director, Checkpoint, with the Thomson Reuters Tax & Accounting business. “We’ve issued this report to empower auditors with key lessons learned during the initial implementation as a way to improve their subsequent audits and avoid the risk of audit failures.”
The Uniform Guidance replaced most of the single audit guidance that had been followed for many years. Most state and local governments, as well as nonprofit organizations, were audited in accordance with the Uniform Guidance for the first time beginning with June 30, 2016 year ends.
The two-year grace period for implementing the Uniform Guidance procurement standards is scheduled to end soon. Auditors should prepare to educate their clients on how to comply with these new procurement standards.
The free report is available for download at tax.thomsonreuters.com/checkpoint/single-audits-uniform-guidance.
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