The Office of Management and Budget has issued the new Data Collection Form for use in years 2019 through 2021. There are a quite a few changes auditors (and auditees) should be aware of, including a customizable Schedule of Expenditures of Federal Awards (SEFA), an auditee employee identification number (EIN) edit check, as well as more text transfers into the form with options to use an Excel template to upload. Auditors and auditees should review changes to the form as we enter Single Audit Season.
For those in the Uniform Guidance worldwho have been waiting patiently for the new Data Collection Form, it was issued June 3, 2019. The new Form SF-SAC for the next three years has arrived, and here is your chance to become familiar with its new inputs. “They are trying to make it easier to find information that’s not buried in a PDF,” Galasso says.
The changes are an opportunity to be friendlier to the customer because it will allow you to enter information prior to the fiscal period. Instead of being overwhelmed with data entry at crunch time, it will allow users to enter federal awards and notes prior to the end of the fiscal period and the audit work being completed.
Users may generate a customizable SEFA and notes to include in the reporting package.This will help in consistency between the reporting package andwhat is uploaded.
One change from the exposure draft to the final: The submission date is not changing. It’s the earlier of 30 days afterthe receipt of the auditor’s report(s) or nine months after the audit period. Originally,it was proposed to require the auditor to indicate the date they gave the receipt of the audit report as evidence of the 30-day kick-in period. They opted not to do that.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Melisa was a speaker on audit topics at SCACPA’s 2019 Spring Splash. Look for her to return this November for Fall Fest as well as many seminars and rebroadcasts.
You can read SCACPA’s Q&A with Melisa conducted during some break time at Spring Splash here.