Single Audit Due Date Extended
October 18, 2013
The Office of Management and Budget has extended until December 31 the deadline for 2013 single audit reporting packages that would normally be due during 2013. Although the deadline had previously been extended to September 30, further delays in availability of the necessary form prompted the additional extension, according to the Federal Audit Clearinghouse.
The 2013-2015 revision of the SF-SAC form that accompanies the reporting package has not yet been finalized. Prior to the government shutdown, the form was not scheduled to be available until at least October 21 as final approval was pending. (The Federal Register notice of the new 2013 Form SF-SAC was published on May 9, 2013) The proposed changes to the form are extensive, requiring among other things, submission of unlocked, unencrypted and largely searchable documents. Personally identifiable data will also need to be eliminated.
Before the government shutdown, the FAC had announced that a new data entry system would be available at the site beginning October 7. Because the announced date was in the middle of the shutdown period, it likely has slipped. Changes to the system will affect how federal audit submissions are entered, including updated account creation features that eliminate the need for report ID/password combinations; certification changes that eliminate the need for signature codes; and new templates to improve upload of large amounts of information.
Interested in learning more? Access the online Federal Auditing Information Service for Higher Education (FAIS) and gain a stronger understanding about compliance issues that may affect your institution. NACUBO has recently updated the product and made it available to your entire campus for one price. Find out more.
- NACUBO Expresses Concerns with ED Proposal to Expand Federal Financial Responsibility Rules
- IRS Proposes Modifications to 1098-T Reporting
- ED Policy to Require Annual Student Aid Compliance Audits Beginning FY17
- 2016 Intermediate Accounting and Reporting Fall
October 24-25, 2016
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives