Overview:
About 40 Palau government and nonprofit representatives received updates on federal compliance requirements and government accounting standards during an Ernst & Young training aimed at preparing auditees for evolving Single Audit and Uniform Guidance requirements.
KOROR, Palau (August 13, 2026) — About 40 representatives of the Republic of Palau National Government, its component units and a nonprofit organization took part in a training session focused on federal compliance requirements and governmental accounting standards.
Ernst & Young (EY) Palau hosted the OMB Uniform Guidance (UG) and Governmental Accounting Standards Board (GASB) Updates learning event July 30 at the Palau Royal Resort. EY executives from the firm’s Guam and mainland U.S. offices facilitated the training.
The event provided government auditees with updates on developments affecting government audits, federal compliance requirements and governmental accounting standards.
With government accounting and compliance requirements continuing to evolve, the training emphasized the importance of keeping government entities and other organizations current with newly issued pronouncements and guidance.
Participants also received insight into the future direction of GASB and the U.S. Office of Management and Budget, or OMB, helping them prepare for upcoming requirements and navigate an increasingly complex regulatory environment.
For Palau’s national government and its component units, staying current with these requirements is particularly important because federal funding comes with specific accountability, reporting and compliance obligations.
The U.S. Single Audit Act, enacted in 1984 and amended in 1996, requires states and non-federal entities that expend $1 million or more in U.S. federal awards during a fiscal year to undergo an organization-wide audit.
Commonly known as a Single Audit or Uniform Guidance audit, the process combines an audit of financial statements with an audit of compliance related to major federal programs. It replaced separate audits for individual federal grants.
The OMB establishes federal compliance requirements and guidance for non-federal entities, state governments and local governments receiving federal funding under Title 2 of the Code of Federal Regulations, or 2 CFR Part 200, commonly known as the Uniform Guidance.
The EY training therefore provided Palau’s government auditees an opportunity to better understand current and emerging requirements while strengthening their readiness for future audits and federal compliance responsibilities.