OMB Guidance Raises Threshold for Questioned Costs to $25,000

Audit firms performing single audits according to the Office of Management and Budget’s new grants reform guidance should be aware that the threshold for reporting known and likely questioned costs increases to $25,000, up from $10,000 in OMB Circular A-133. The guidance goes into effect for audits of nonfederal entities after Dec. 26. According to §200.516 in the new guidance, an... Read More