As we are all aware, information related to Coronavirus changes by the hour. The financial ramifications of the economic shutdown in response to Coronavirus are expected to significantly, adversely affect individuals and the public and private sectors. To ease these negative consequences, the Federal Government has provided stimulus payments to individuals, small business loans, payment protection program loans, and federal emergency assistance grant programs. Many of these grant assistances will be subject to Single Audit requirements. While the OMB has not completed the 2020 Compliance Supplement and have not provided specific guidance relating to COVID-19 programs, the AICPA has asked OMB to answer specific questions regarding potential Single Audit issues, in a letter addressed to OMB on April 10, 2020. These questions are still pending an official response, but other Federal agencies have provided some guidance on the emergency assistances.
While definitive Single Audit guidance will be pending the completion of the 2020 Compliance Supplement, we have put together a library of resources for your agency to assist in researching Federal guidance related to Coronavirus relief funding. The following websites have a great deal of information on current guidance:
- Summary of AICPA Questions Submitted to OMB on COVID-19 Matters
- Summary Table of COVID-Related Governmental Audit Extensions
- FEMA Resources for State and Local Governments
- HUD Resources Related to COVID-19
- Department of the Treasury CARES Act Information
- Government Response to Coronavirus
As more information becomes available, LSL will continue provide guidance as your trusted advisor in these uncertain times, to help your agency remain in compliance with the Federal guidelines regarding the use of Coronavirus grant funding.
As an assurance manager, Ryan leads audit engagements, completes technical reviews of financial statements and reviews audit files for municipalities, water districts and fire authorities. He is also involved in training new staff members. He acts as a mentor and resource to both his clients and his team.
Ryan can be reached at 714-672-0022.
Read Ryan’s full bio.