| Dear Center Members: |
| This GAQC Alert informs you about the following important matters:
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SFA Audit Procedure Change
On September 28, 2023, ED revised suggested audit procedure b.(2) in the SFA section of the 2023 Compliance Supplement for the Special Test and Provision "Using a Servicer or Financial Institution to Deliver Title IV Credit Balances to a Card or Other Access Device." The ED announcement clarifies that procedure b.(2) only has to be performed in certain situations. This change was made by ED in part due to advocacy efforts of the GAQC based on challenges our members were having with the performance of the procedure.The guidance in ED's announcement is effective for any single audit performed using the 2023 Compliance Supplement.
UG Revisions
As we informed you in GAQC Alert #460, OMB previously posted an early release of proposed revisions to the Uniform Guidance. On October 5, 2023, the official proposed rule titled, Guidance for Grants and Agreements, was released in the Federal Register. Comments are due by December 4, 2023. OMB has also released an unofficial redline version of the Uniform Guidance. This version will greatly assist in identifying the areas of the regulation with proposed revisions. The GAQC is currently analyzing the changes and will be commenting. Members are encouraged to do the same. If there are areas of note that you believe the GAQC should consider when commenting, please send an e-mail to: gaqc@aicpa.org.
GSA FAC News and Web Event
As further discussed in GAQC Alert #459, the former Census FAC has closed for single audit submissions. Since then, the General Services Administration (GSA) FAC has opened with a soft launch. As of late last week, GSA had successfully received 195 audits. However, those early submissions have resulted in many process questions, as well as an identification of several areas that need improvement. For example, currently there is no ability for the completed Data Collection Form to be downloaded or printed for review prior to certification. Instead, only the workbooks submitted to GSA for upload can be reviewed. There have also been issues with the system recognizing recipient Unique Entity Identifier numbers. GSA is working to address these and other important issues in the near term. If possible, members may want to consider waiting a few weeks before attempting to submit single audits to GSA until some of the early kinks have been worked out. Separately, to further educate members on the new process, the GAQC will be holding a live Web event on November 8, 2023, from 1:00 PM – 3:00 PM (Eastern Time). Speakers will include GSA staff and several practitioners. Hold the date on your calendar for this important event and watch for an upcoming registration alert.
Open GAQC Position
The GAQC is recruiting for a Senior Manager position on our team (see job announcement). This position can work remotely in the U.S. The individual should have strong knowledge of state and local government accounting. Solid knowledge of Government Auditing Standards and single audit rules is also needed. In addition, the individual should have strong skills in the following areas: project management, organizational, written/oral communication, decision-making, and problem-solving. Candidates should be a CPA with a minimum of 7 years of experience. The AICPA has a work environment that offers work/life balance and is committed to diversity and inclusion. Interested individuals can access the job posting to apply for the position.
GNTP Conference
If you or your staff are looking for high quality training before year end, you should consider attending the AICPA Governmental and Not-for-Profit Training Program conference which will be held on October 18 – 20, 2023. There are two options for attendance — in person in Las Vegas, NV or online. The conference will cover the latest trends, challenges, best practices, and topics, including:
- Tools and Approaches to Efficient Single Audits
- The 2023 Compliance Supplement
- Nonprofit Tax and Legal Update: The Year in Review
- A Deep Dive into Statement on Auditing Standards No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
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Sincerely,
AICPA Governmental Audit Quality Center |
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