Here Are the Changes to the Single Audit Requirements for 2014 | AccountingWEB

Here Are the Changes to the Single Audit Requirements for 2014

This post originally appeared at Yellowbook-CPE. Read more posts from Leita Hart-Fanta's series: Auditing Yellow Book Style
 
On December 26 the feds finalized changes to the Single Audit requirements. I am writing to give you a quick heads up about how the changes could affect auditors.
 
Some people like to wait until everything is perfect before they speak or write. I am not by any stretch of the imagination a perfectionist – but when it comes to technical audit standards, I do like to be very careful. I don’t want to mislead anyone with my writing.
 
But I am taking a risk for you, dear readers, of getting something wrong regarding the revised federal grant guidance in the interest of speed. The experts will take a month or more to come out with a synopsis because they will carefully and responsibly send it through layers and layers of review.
 
I reason that I am in a unique position to put something out now – because I am not part of a large institution. When the expert’s summaries of changes come out, you can compare it to my list here and write to me with your comments and, possibly, your corrections.
 
As always, I encourage you to read the changes yourself rather than relying on someone else to filter the changes for you. Here's the link.
 
This new document is comprehensive and covers federal grants from the management perspective and the audit perspective. The super long title of the new regulations is …”Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.” Will we start calling it UARCPARFA? Let us hope not. May I propose the slang term “Unireq” pronounced you-knee-wreck.  Might as well pick what we want, before someone else picks it for us!
 
My list of significant changes is biased toward concerns for AUDITORS… not concerns for administrators of these grants or pass-through entities.
 
Here is what I see so far:
 
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