Single Audits: Incorporating Recent OMB Revisions to Uniform Guidance

Effective Oct. 1, 2024, the OMB revised the guidelines for organizations receiving federal financial assistance. Perhaps the most complex of examinations, single audits must be conducted in accordance with Generally Accepted Auditing Standards (GAAS) and Generally Accepted Government Auditing Standards (GAGAS). Funding agencies most often require these audits to meet the Yellow Book requirements of the General Accounting Office as well.

Among the notable OMB changes, organizations receiving over $1 million in assistance are subject to single audits, an increase from the previous threshold of $750,000. Similarly, the threshold for determining Type A programs increased from $750,000 to $1 million, and the threshold for capital expenditures increased from $5,000 to $10,000. The revisions are meant to simplify these complex audits; however, the guidance itself is well over 400 pages. Accounting and auditing professionals who perform governmental audits or work with organizations subject to single audit standards must thoroughly understand the new requirements.

Listen as Jack Reagan, Managing Director at UHY Advisors MidAtlantic, offers an analysis of the updated OMB guidelines and advice for implementing the new requirements.

1. Single audits: introduction
2. Relative guidance
   1. GAAS
   2. GAGAS
   3. Yellow Book
3. Recent OMB revisions
4. Implementing new guidance
5. Avoiding common audit deficiencies
6. Best practices

The panelist will cover these and other critical issues:

• Understanding the recent changes to OMB requirements
• Proactive steps firms and auditors should implement to avoid common single audit deficiencies
• Meeting multiple guidelines when performing single audits including GAGAS and Yellow Book requirements
• Implementing firm procedures to facilitate quality audits

Learning Objectives

After completing this course, you will be able to:

• Identify the components of the recently revised OMB requirements
• Determine how to avoid common single audit errors
• Decide when new OMB guidance should be implemented
• Ascertain differences between Yellow Book, GAGAS, and GAAS guidelines

• Field of Study: Auditing
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

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