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RUS proposes to issue a final rule with request for comments which will allow the Agency to update the existing regulation to incorporate 2011 revisions to the Generally Accepted Government Auditing Standards (GAGAS) issued by the Government Accountability Office (GAO), the clarified audit standards issued by the American Institute of Certified Public Accountants (AICPA) in 2011, and 2 CFR 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards, subpart F, Audit Requirements, issued by the Office of Management and Budget on December 26, 2013, and adopted by USDA on December 26, 2014. The Agency will expand regulations to include grant recipients, amend peer review requirements, amend reporting requirements, expand options for electronic filing of audits, update definitions, and clarify a number of existing audit requirements.

The rulemaking is necessary to update regulations, clarify audit policy, streamline procedure and provide uniformity and clarity in a number of existing audit requirements. The rulemaking will amend part 1773 to incorporate updates in USDA regulations and revisions to the 2011 GAGAS that reinforce principles of transparency and accountability and provide the framework for conducting high quality audits that add value.