January 25, 1999
TO THE HEADS AND
INSPECTORS GENERAL OF EXECUTIVE DEPARTMENTS AND ESTABLISHMENTS
||G. Edward DeSeve /s/
Deputy Director for Management
||Amendments to OMB Bulletin No. 98-08, "Audit Requirements for
Federal Financial Statements"
This transmittal memorandum contains amendments to Office of Management
and Budget (OMB) Bulletin No. 98-08, "Audit Requirements for Federal
Financial Statements." The purpose of these amendments is
to address certain issues that have arisen since the issuance of
Bulletin 98-08 relating to deferred maintenance and required supplementary
stewardship information (RSSI). These amendments reduce the
scope of audit for deferred maintenance and RSSI for audits of Federal
financial statements for the fiscal year ended September 30, 1998.
They do not modify the financial reporting and disclosure requirements
for deferred maintenance and RSSI prescribed by Federal accounting
standards. OMB expects to increase the level of audit assurance
relating to deferred maintenance and RSSI in future years as the
standards and criteria for reporting such information are developed
further and agencies gain experience reporting such information.
These amendments apply to audits of financial statements of those
entities listed in Appendices A and B of OMB Bulletin 98-08.
Date. These amendments are effective for audits of financial
statements for the fiscal year ended September 30, 1998.
Replace original pages in OMB Bulletin 98-08 with the replacement
pages attached to this memorandum (see the attached list of replacement
Further information concerning this memorandum may be obtained by
contacting the Office of Management and Budget (OMB), Office of
Federal Financial Management, Washington, DC 20503, telephone (202)
Copies of this memorandum, as well as the amended version of OMB
Bulletin 98-08, may be obtained from the OMB home page on the Internet
Click below to download
OMB Bulletin 98-08:
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