Final 2013 Data Collection Form and Timing of 2013 Submissions
After many months of deliberation and due process, the Office of Management and Budget (OMB) has released the 2013 Data Collection Form (DCF). It is applicable for audit periods ending in 2013, 2014 and 2015. Additionally, the Federal Audit Clearinghouse (FAC) has launched a new Internet Data Entry System that will bring other changes to the submission process. It is important for both auditees and auditors to understand the changes to help ensure a smooth transition and implementation. To assist you with gaining this understanding, we are providing you with access to a Q & A document, Questions and Answers for Auditees: The New 2013 Data Collection Form and Federal Audit Clearinghouse (FAC) Web Site, that we hope will be of assistance to you.
The FAC has further extended the 2013 DCF submission waiver that is posted on its website through February 28, 2014. The extension language appearing on the FAC website is now as follows: "The Office of Management and Budget (OMB) has granted an extension until February 28, 2014 for all 2013 forms due on or before February 28, 2014. The extension is automatic and there is no approval required."
OMB revises and consolidates rules governing most federal grants
In the final days of 2013, the OMB released for publication long-awaited final guidance on administrative requirements, cost principles and audit requirements pertaining to federal grants and cooperative agreements. Guidance previously found in eight separate OMB Circulars has been consolidated in an attempt to reduce the administrative burden on recipients of federal funds, while also bolstering the government's efforts to eliminate fraud, waste and abuse in federal funding. The new rules have significant ramifications for "non-Federal entities" – defined by OMB to include nonprofit organizations, institutes of higher education, state and local governments and Indian tribes – and may also apply to for-profit and foreign entities in limited circumstances. In addition, there are changes to Single Audit rules including changing the Single Audit applicability threshold from $500,000 to $750,000 starting with years beginning on our after Jan. 1, 2015.