The Office of Management and Budget has issued an updated memo addressing coronavirus-related flexibilities provided under prior OMB Memos. Many of the flexibilities offered in the earlier memos have been rescinded.
The memo does permit two flexibility measures to continue – coverage of salaries and single audit submission deadlines. However, the flexibility for 2020 year-ends has been rescinded.
OMB Memorandum to the Heads of Executive Departments and Agencies (June 18, 2020): https://www.whitehouse.gov/wp-content/uploads/2020/06/M-20-26.pdf
What questions do you have? Send your questions to firstname.lastname@example.org.
Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.
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. Melisa was a speaker on audit topics at SCACPA’s 2020 Virtual Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
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.
Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy