Last month, the Office of Management and Budget (OMB) provided more clarity to practitioners who perform single audits related to two key federal COVID-19 relief programs.
OMB issued Addendum No.1 to the 2021 Compliance Supplement in December. The addendum provides new guidance for auditing funds received from the Coronavirus State and Local Fiscal Recovery Fund and an update to the Education Stabilization Fund program section.
For audits with report dates prior to the addendum on Dec. 3, 2021, auditors are not required to go back retroactively to review the two pandemic relief. See more details.