OMB issues 2022 Compliance Supplement
ARTICLE | June 06, 2022
Authored by RSM US LLP
The Office of Management and Budget (OMB) recently released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021. Appendix V of the 2022 Compliance Supplement provides a high-level overview of the detailed changes from the 2021 Compliance Supplement. Appendix IV, “Internal Reference Tables,” has been updated to include a complete list of programs with the higher risk designation.
The types of compliance requirements that apply for each federal program remains at six (with its related rules and exceptions) for 2022. The 2022 Compliance Supplement makes several program additions and deletions, as well as other changes to some programs, including:
- Adding the Shuttered Venue Operators Grant as a new program section, notwithstanding the fact that this has been in existence for well over a year. It also was noted that, when developing the audit approach in a single audit subject to the 2021 Compliance Supplement, this new program section may be used as a resource; however, this is not mandatory.
- Continuing to identify the Education Stabilization Fund (ESF) as a higher risk program, adding three subprograms to the ESF section, and making regulatory changes and other updates throughout the ESF section.
- Revising the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) section for the CSLFRF Final Rule, as well as introducing an alternative compliance examination engagement for certain recipients.
- Revising the title of the Provider Relief Fund to include the American Rescue Plan (ARP) Rural Distribution, as well as adding information and requirements for funding provided to this program from the ARP Act.
- Updating various programs for COVID-19 funding and to reflect provisions from the ARP Act.
In addition, several changes and clarifications have been made to the “Student Financial Assistance Cluster” and “Other Clusters” sections of Part 5.
Lastly, as communicated in Appendix VII, “Other Audit Advisories,” the Federal Audit Clearinghouse (FAC) is transitioning from Census to the General Services Administration (GSA). The FAC will continue to accept fiscal year 2021 single audit submissions, and the GSA will begin accepting fiscal year 2022 submissions on October 1, 2022. Guidance is provided for how the single audit submission deadline is to be addressed for fiscal year 2022 audits that are completed prior to the new GSA portal being available.
With regard to future addendums, there will not be an Addendum to the 2022 Supplement – any new programs that are established as a result of the Infrastructure Investment and Jobs Act will be included in the 2023 Supplement.
Call us at +1 213.873.1700, email us at firstname.lastname@example.org or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2022-06-06.
2022 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.