Have you had a year in which you look at your Schedule of Expenditures of Federal Awards (SEFA) and the total is $502,000 and you think to yourself why couldn’t we have spent $3,000 less and save ourselves the cost of a single audit? I know some of you have. The United States OMB is working on reforming the Federal Grant process, which may make you very happy.
The proposed changes would increase the single audit requirement to $1 million, and even the single audits performed on entities with Federal Expenditures between $1-3 million would be more focused on two compliance requirements, decided by the funding source. A full single-audit (as we know it now) would not be required until your SEFA total is $3 million.
There is much more to the proposed changes that can be reviewed here. The OMB is currently asking for comments from the public, meaning you, to help them decide if reform is a good idea or not, and which parts of the proposed changes are most important.
Consider letting the OMB know what you think, as your input will be invaluable to making the necessary changes.