2019 Compliance Supplement

The Office of Management and Budget (OMB) has continued its overhaul of the 2019 Compliance Supplement, and after a significant delay, the final document was issued on July 1, 2019. This delay was a result of the additional time required by the following items:

  1. Requiring agencies to reduce the number of tested compliance attributes to no more than six (except Research and Development);
  2. More extensive changes to program compliance requirements that ask agencies to consider programs that have higher risks or errors. One program that has been identified for more changes than usual is the Student Financial Assistance Cluster due to concerns from the Department of Education regarding improper payments; and
  3. Better guidance on internal controls, including more illustrative examples and how to determine if controls are appropriate.

The OMB has noted that a reduction in the audit burden should not be expected as a result of these changes.

We are in the process of digesting these changes and we will provide an update after our team has reviewed the supplement. You can access the final supplement here.

For more information, visit the Our Thoughts On blog or contact Schneider Downs.

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.

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