Updated Data Collection Form issued
FINANCIAL REPORTING INSIGHTS |
The Federal Audit Clearinghouse (FAC) recently issued an updated Data Collection Form and related instructions, which can be accessed on the FAC Instructions and Documents webpage. The new Form is effective for fiscal period ending dates in 2019, 2020, and 2021 and should not be used for audits prior to these dates. Following are the key changes included in the updated Form and Internet Data Entry System (IDES) Instructions:
- Auditees now have the option to generate a customizable schedule of expenditures of federal awards (SEFA) and related notes to the SEFA from IDES that could be included in the reporting package. Auditees also are able to enter the federal award information and notes to the SEFA prior to the fiscal period end date and the audit work being conducted.
- IDES now includes an auditee Employer Identification Number edit check.
- Auditees are required to transfer the text of the notes to the SEFA and their corrective action plans (CAPs) into the Form.
- Auditors are required to transfer the text of audit findings into the Form.
- IDES now offers an optional worksheet-type function to assist in the transferring of text from audit findings and CAPs using an Excel template document that is able to be downloaded, completed and then uploaded.
- With regard to all text transferred into the Form by both auditees and auditors, the system will not allow for the transfer of charts and tables embedded within the original documents. Instead, preparers should include a notation within transferred text referring readers to the actual underlying note, CAP or finding for relevant charts and tables.
- When a previous FAC submission is revised and resubmitted to the FAC, auditees are required to indicate in IDES what has changed and the reason for the change. This information also will be part of the public database.