“Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
A major challenge for auditors continues to be which guidance to apply and the timing of the Office of Management and Budget’s issuance of the Compliance Supplements and Addenda. Auditors need to be familiar with the requirements that apply to determine their audit scope, approach, and testing.”
