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The Office of Management and Budget (OMB) continues to overhaul the Compliance Supplement and has delayed issuing the draft to focus on these items:
The OMB has noted that a reduction in the audit burden should not be expected as a result of these changes.
The OMB did release a draft of the compliance requirements matrix, which the AICPA has posted on their website, which can be used for planning purposes, however, this may be revised prior to the final issuance of the 2019 compliance supplement.
Additionally, it is unclear if these changes will result in alterations to the independent auditor’s opinions on compliance and internal control.
As members of the AICPA’s Government Audit Quality Center, we continue to monitor these changes and will provide updates as they are available. As of right now, there is no estimate or timeframe for when the revised supplement will be released, however, many of the parts have already finished their OMB review, so it is likely that the public vetting copy will be available sooner rather than later.
For more information, visit the Our Thoughts On blog or contact Schneider Downs.
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