What changes were made?
Primary changes include those in terminology, due to provisions of SAS 112. The term reportable condition has been changed to significant deficiency in Part II-items 3 and 4, and Part III – items 4, 5 and 10a.

These changes are consistent with the Federal Register Notice dated June 26, 2007, which addressed how to handle new AICPA, OMB and Yellow Book guidance on the applicability of SAS 112 to single audits.

Also, the form will be required to be submitted electronically. To assist in the preparation of the new filing requirements, the Federal Audit Clearinghouse provides a Form SF-SAC Worksheet & Single Audit Component Checklist that can be downloaded and used to assist in preparing the form.

As part of our firm’s client service, we prepare this form electronically. Our clients receive notification via e-mail to accept the submission. Auditees will only have to submit one copy of the reporting package along with the data collection form and the Federal Audit Clearinghouse will distribute the required copies to the appropriate federal agencies.

If you prepare your entity’s form and need assistance, give us a call.