NOT2330. The OMB Compliance Supplement - What is it and What's New?

The annual OMB Compliance Supplement serves as the auditor's guide to plan and execute their single audits in accordance with Uniform Guidance. For auditees, the Supplement can be an important resource in the toolkit for administering federal awards and can offer insight into what to expect from a Uniform Guidance audit. Don't get caught referencing an outdated version though! This session will provide an overview of the Supplement and explore updates to the 2023 Compliance Supplement that will be important for auditees and auditors alike to understand. Areas of focus will include the 14 compliance requirements, how the testing of internal controls over compliance fits into the audit, and other key audit advisories and guidance included in the Supplement.

Learning Objectives:

• Distinguish the requirements of the Compliance Supplement as it applies to auditors and auditees
• Identify what the latest OMB Compliance Supplement includes
• Distinguish the requirements of the Compliance Supplement as it applies to auditors and auditees
• Identify what the latest OMB Compliance Supplement includes