The U.S. Office of Management and Budget has issued administrative relief for those who receive federal financial assistance that is DIRECTLY RELATED to COVID-19. The Governmental Audit Quality Center (GAQC) has provided clarifying guidance on who the relief is directed to. We expect additional guidance for a broader subset of nonfederal entities due to operational issues in the near future.
Universities are also impacted significantly by COVID-19 due to instructional disruption. The Department of Education has provided guidance on the impact on student financial assistance.
This blog reviews the major impacts of this OMB alert.
GAQC Alert No. 398: https://www.aicpa.org/content/aicpa/interestareas/governmentalauditquality/newsandpublications/gaqcalert/2020gaqcarchivedalerts/gaqcalertno398.html
OMB Memorandum for Heads of Executive Departments And Agencies: https://www.whitehouse.gov/wp-content/uploads/2020/03/M-20-11.pdf
Office of Postsecondary Education Guidance for Interruptions of Study Related to COVID-19: https://ifap.ed.gov/electronic-announcements/030520Guidance4interruptionsrelated2CoronavirusCOVID19
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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 2019 Fall Fest and 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