Trending AskRegs Q&A: Has OMB Extended the March 31, 2020 Single Audit Act Submission Deadline Due to Coronavirus?
Yes. The Office of Management and Budget (OMB) has extended the March 31, 2020 audit submission deadline under the Single Audit Act by six months.
On March 19, 2020, the OMB released a memo allowing a six-month extension for Single Audit Act auditees, although individual awarding agencies such as the U.S. Department of Education (ED) appeared to retain some discretion. The memo reads in part:
NASFAA has confirmed with ED's Office of Inspector General (OIG) Non-Federal Audit Team that this is an automatic six-month extension for Single Audit Act auditees; it does not require approval from ED.
ED has not yet issued guidance regarding audit due dates for proprietary schools and foreign schools not covered by the Single Audit Act. The OIG Non-Federal Audit Team indicated that it has reached out to ED to see if ED is planning extend those deadlines, but the Team had not heard back from ED. Stay tuned to NASFAA'sToday's News for additional guidance if/when it is received from ED.
Refer to Volume 2, Chapter 4 of the FSA Handbook for more on audit submission deadlines.
Publication Date: 3/24/2020