An updated overview of the Uniform Guidance requirements
FINANCIAL REPORTING INSIGHTS |
In December 2013, the Office of Management and Budget issued Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Auditees subject to a single audit with December 31, 2015 year ends will be required to undergo the first single audits conducted under the Uniform Guidance. To focus attention on these upcoming single audits, RSM US LLP has issued An updated overview of the new Uniform Grant Guidance. This document explains key provisions of the new uniform grant requirements, helps public sector entities understand developments since the initial issuance of the Guidance and directs management to more information about these regulations, which will have a significant impact on recipients/auditees and auditors.