OMB POLICY STATEMENTS
OMB Revises Financial Audit Guidelines
"The Office of Management and Budget has revised its guidelines for the minimum requirements for audits of federal financial statements. OMB issued a bulletin today outlining the changes, which include redefining some terms to align them more closely with their private-sector meanings.

The changes, which OMB drafted in coordination with inspectors general, apply to audits of financial statements of all executive departments, agencies and government corporations."