BDO – The Office of Management and Budget (OMB) issued the 2024 Compliance Supplement. The Supplement is issued to assist auditors by providing a source of information related to various federal programs and assist with the identification of compliance requirements. Auditees, both for-profit and nonprofit, should be familiar with the content included in the Supplement as it relates to their federal funding. The USAID Agency Program Requirements are on Title II Food for Peace awards to cooperating sponsors.
The 126-page Compliance Supplement should be used as a reference to help understand federal award compliance requirements. Most of the content is the same as the prior year. One exception is the increase to the single audit threshold to $1 million which was recently reflected in the Uniform Guidance. It is effective for fiscal years beginning on or after Oct. 1, 2024n this Appendix is the same or very similar to the prior year. One new area in the Appendix discusses the effective date of the increase in the single audit threshold to $1 million that was established in the recently revised Uniform Guidance (UG). This increase is effective for auditee fiscal years beginning on or after Oct. 1, 2024.
