Sneak Preview: OMB Updates SF-SAC for FY 2019-2021 Audit Periods

Jerry Ashworth
July 5, 2019 at 07:22:40 ET
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(The following was excerpted from a recent article in the Single Audit Information Service.) The Federal Audit Clearinghouse (FAC), maintained by the Department of Commerce’s Census Bureau, recently released a new Data Collection Form for Reporting on Audits of States, Local Governments, Indian Tribes, Institutions of Higher Education and Nonprofit Organizations (SF-SAC) for single audits for fiscal period ending dates in 2019, 2020 or 2021.

Subpart F of the Office of Management and Budget’s uniform guidance requires that auditees that expend $750,000 or more annually (§200.501) submit to the FAC a completed SF-SAC when they submit their single audit or program-specific audit reporting package (§200.515). Collaborating with their auditors, auditees use the SF-SAC to report audit results, audit findings and questioned costs. The SF-SAC is Appendix X of the uniform guidance.

The FAC website also maintains prior versions of the SF-SAC for reporting on audits of fiscal years (FYs) ending 2015 through 2018 under the uniform guidance, as well as two forms for audits under former Circular A-133 for previous years beginning in 2009. Auditees and auditors should be aware of which SF-SAC applies. In addition, auditees should validate when entering information into the SF-SAC that their Auditee Employer Identification Number (EIN) is correct.

Audits must be completed and the SF-SAC and reporting package must be electronically submitted within the earlier of 30 days after receipt of the auditor’s report(s) or nine months after the end of the audit period (§200.512(a)). If the due date falls on a Saturday, Sunday or federal holiday, the reporting package is due the next business day. The uniform guidance does not permit federal awarding agencies or pass-through entities to extend the due date.

Under the uniform guidance, the FAC is authorized to make the SF-SAC and the reporting package publicly available on a website (§200.510(b)(1)) unless an eligible tribal government or organization as defined in the Indian Self-Determination, Education and Assistance Act (25 U.S.C. §450(l)) has opted out of the electronic posting (§200.512(b)(2)). The SF-SAC includes a certification for Indian tribes and tribal organizations that opt not to make the reporting package publicly available.

(The full version of this story has now been made available to all for a limited time here.)
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