2020 Compliance Supplement Addendum – key single audit considerations

On Dec. 22, auditors received the highly anticipated U.S. Office of Management and Budget (OMB) 2020 Compliance Supplement Addendum (Addendum). Similar to the original release of the 2020 Compliance Supplement in August, the Addendum is effective for fiscal years ending June 30, 2020, and beyond. Most notably, it contains audit guidance related to programs funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

This article, originally published by the Minnesota Society of Certified Public Accountants (MNCPA), reviews the key items included in the Addendum and what auditors should know before performing single audits this fiscal year.