Updated Data Collection Form issued
FINANCIAL REPORTING INSIGHTS |
On July 15, 2016, the Federal Audit Clearinghouse (FAC) issued the updated Data Collection Form (DCF) and related instructions, which can be accessed on the FAC website. The vast majority of the changes made to the Form are to address new requirements in Office of Management and Budget’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The new Form is only to be used for audits of fiscal periods beginning on or after December 26, 2014. If you are still working on single audits under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the previous version of the DCF should be used.
You should also note the following additional items on the “Instructions and Documents” page:
- An updated version of the instructions for the FAC Internet Data Entry System (IDES) has been posted. You can also access older versions of the Form, instructions and the IDES instruction document in the event you are working on audits of periods prior to the effective date of the new Form.
- The PDF version of the Form includes a Single Audit Components Checklist, which is intended to help preparers ensure all required parts of the reporting package are being included in the FAC submission, as well as provide space to identify the page number for each item within the PDF file to be submitted.
- Two updated worksheets (i.e., the Federal Awards Worksheet and the Federal Awards Audit Finding Worksheet) used to upload certain information into the Form have been updated to address changes to the Form. Additionally, the Federal Awards Worksheet has some new features.
Due to the prior unavailability of an updated DCF for submissions of completed Uniform Guidance single audits, an extension was previously posted to the FAC Web site through July 31, 2016. That extension has now been extended to September 19, 2016, and relates solely to single audits performed under the Uniform Guidance (i.e., for fiscal periods beginning on or after December 26, 2014). Please note that this extension is for the submission of the DCF only. The audit must be completed within the timeframe specified in the Uniform Guidance. Also the extension has no relevance to single audits performed under OMB Circular A-133.
Per the FAC staff, the reporting packages will likely begin being posted to the FAC website within several weeks after the receipt of the first submissions of the new Form. Reporting packages include the auditor's schedule of findings and questioned costs and audit reports. Therefore, as always, auditors and auditees should carefully review all documents that will be made publicly available before finalizing them and also ensure they do not include any protected personally identifiable information.