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Portland schools say OMB delay may push back single audit timing
Summary
Portland Public Schools auditors are completing financial testing but may need to rework single-audit procedures if the U.S. Office of Management and Budget releases updated compliance guidance late, potentially affecting state reporting deadlines and committee timing.
Portland Public Schools' Audit Committee was told on Wednesday that the district's external auditors are proceeding with annual financial testing but that a late release of the Office of Management and Budget's (OMB) compliance supplement could force more testing and revisions to the single-audit portion of the annual comprehensive financial report.
The district's chief financial officer, Michelle Morrison, told the committee that the OMB compliance supplement — guidance auditors use to test federal program compliance — usually appears in May but had not been released this year.…
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