The OMB (Finally) Releases Draft 2017 Compliance Supplement

Audit|Higher Education|Not-for-Profit

By Patrick Kerns

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

For questions on the OMB draft, please contact us.  

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2019 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.