OMB Extends Single Audit Submission Deadline for Certain Entities
The Office of Management and Budget (OMB) has issued a memo extending the single audit deadline for certain entities due to the effects of COVID-19 in order to relieve short term administrative, financial management and audit requirements under 2 CFR 200, Uniform Administrative Requirements, Cost principles and Audit Requirements for Federal Awards, without compromising federal financial assistance accountability requirements.
The OMB is allowing federal agencies to grant class exceptions in instances where the agency has determined that the purpose of the federal awards is to support the emergency response related to COVID-19. The OMB stresses that the memo is not instructing federal agencies to provide a blanket waiver for all recipients impacted by COVID-19; it mainly relates to recipients receiving funds disbursed from the approximately $9 billion in emergency supplemental appropriations for coronavirus preparation and response (H.R.6074).
These exceptions are also only applicable to federal awards supporting the emergency response to COVID-19 during the time period stated by the Department of Health and Human Services through the 90 Day Public Health Emergency Declaration.
Federal agencies may use their existing flexibility to issue exceptions on a case-by-case basis in accordance with 2 CFR § 200.102, Exceptions. These flexibilities will be evaluated to determine if they should be extended to recipients whose operations have been impacted by the emergency response related to COVID-19 at a later date.
For the full OMB memo and list of authorized actions, click here.
NOTE FROM TSCPA: OMB is currently working on a broader deadline extension that will provide relief to certain entities that are not covered by the first OMB memo but have operations that have been adversely impacted by COVID-19. We believe it may be issued soon and TSCPA will update this information when that happens.