OMB Rescinds 07-04 and Updates A-136, Extends FY 2013 Reporting Deadline

The Office of Management and Budget (OMB) has issued updates to two important pieces of guidance.  First, OMB Bulletin 07-04 has been rescinded and replaced with OMB Bulletin No. 14-02, Audit Requirements for Federal Financial Statements.  Most of the update bring OMB’s primary audit guidance into alignment with GAAP, GAGAS, the AUs and other guidance.  Nevertheless, you can be sure that the Federal financial statement audit firms and Inspector General Offices will be busy this winter digesting each word of the 67-page document and adjusting their FY 2014 audit plans accordingly.

Second, OMB has issued an update to A-136, Financial Reporting Requirements.  Most notably, OMB has extended the deadline for FY 2013 reporting to provide agencies extra time needed as a result of the government shut down.  The updated circular states that agencies will submit their financial reports  “in accordance with the timeline outlined in Controller Alert: Key Dates  for Fiscal Year-End Reporting and the Financial Report of the United States Government.”  The cited Controller Alert, however, does not exist as of this point in time.  Once published, the alert should be posted here and hereNevertheless, we have it on good authority that the financial statements are due to the typical oversight bodies on December 16, 2013, providing a month-long extension over the normal November 15 deadline.

If any readers can corroborate or contradict that information, please contact us and let us know.