September 1, 2015 - Updates to Thomson Reuters Checkpoint provide customers with a single audit tool for the first time that complies fully with the Office of Management and Budget's (OMB) recently released 2015 Compliance Supplement. Specifically, this edition of PPC's SMART Practice Aids—Single Audit simplifies the new administrative requirements and cost principles for both OMB Circular A-133 audits and Uniform Guidance audits.
In December 2013, the OMB issued its Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Uniform Guidance supersedes, streamlines, and consolidates eight existing OMB Circulars, including OMB Circular A-133.
"Our Single Audit tool reduces the complexity of implementing the 2015 Compliance Supplement, helping audit professionals feel more confident that they are accurately implementing the new rules during this period of transition while also reducing the amount of time it takes to comply with the guidance," said Steve Holland, an executive editor with the Tax & Accounting business of Thomson Reuters. "It incorporates the administrative requirements and cost principles for both the previous guidelines and the new Uniform Guidance."
This edition of PPC's SMART Practice Aids—Single Audit provides updated content based on the 2015 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2014 (years ending June 30, 2015 or later). It also incorporates the audit requirements in OMB Circular A-133, for audits of fiscal years ending before December 26, 2015.
A future release of PPC's SMART Practice Aids—Single Audit will include updated content, logic, and forms for audits subject to the audit requirements in the Uniform Guidance, which is effective for audits beginning on or after December 26, 2014 (years ending December 31, 2015 or later).
PPC's SMART Practice Aids—Single Audit is part of the patented and widely-used SMART Audit Suite, which recently earned a CPA Practice Advisor 2015 Readers' Choice Award in the Audit Engagement Tools category. It can be used separately or with other modules in the SMART Audit Suite.