In July 2017, the Council on Financial Assistance Reform (COFAR) released an update to the Frequently Asked Questions document of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). There are 24 new FAQ’s that were added to the document, along with revisions to four previously released FAQs.
The update includes many new questions related to indirect costs, including many that may be useful to subrecipients receiving awards from pass-through entities.
There is also clarification on the presentation details of the Schedule of Expenditures of Federal Awards and the auditee responsibilities related to the Summary Schedule of Prior Audit Findings and the Corrective Action Plan.
The complete FAQ can be found at on cfo.gov.
For additional information and resources on the Uniform Guidance, visit Baker Tilly’s Uniform Guidance Resource Center.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.