The Final Guidance will be effective on December 26, 2014, one year after the publication date. Audit Requirements will apply to audits of fiscal years beginning on or after December 26, 2014. For many institutions, this will result in the audit requirements becoming effective for the fiscal year July 1, 2015 – June 30, 2016.
A summary of the key reforms impacting the University of Hawai`i is available at: http://www.ors.hawaii.edu/files/Final_OMB_Guidance_12-26-2013.xlsx. Additional information has also been published by OMB and the Council on Financial Assistance Reform (COFAR). ORS will continue to provide updates and further guidance for implementation.