The Office of Management and Budget (OMB) finally released draft copies of the 2017 compliance supplement to the American Institute of Certified Public Accountants (AICPA) to be shared publicly. As members of the Government Audit Quality Center since its inception, Schneider Downs receives periodic updates on these types of matters from the AICPA. This draft supplement had been previously released to various federal agencies and other key stakeholders as part of the annual vetting process. The OMB notes that the draft should only be used for planning purposes, as changes could occur during the final review and approval process.
This is welcome information. Organizations should begin to review the draft supplement to understand how any changes will impact their compliance duties and ultimately what may be requested by auditors.
Similar to prior years, the OMB has published an appendix that includes all of the changes incorporated into the current-year compliance supplement. In addition to reading this document, each organization should carefully review the relevant parts based upon the programs that your organization participates.
While we cannot be certain of the date of the release of the final compliance supplement, this draft will give organizations a sense of what should be included in the final copy. For perspective, last year’s draft was released in early spring 2016, with the final version issued in August 2016.
The full copy of the draft can be accessed on the AICPA’s website.