Federal grant recipients and subrecipients have learned that having findings in their federal award audits can be like having the flu — adverse effects are painful, and it can take a long time to recover. That’s why treating audit findings through prevention and mitigation has always made good sense. And now that major new federal policies for grants management are well into implementation, there is another significant reason for applying strong medicine.
In what many are calling the “Super Circular,“ the U.S. Office of Management and Budget has ramped up the procedures for risk assessment that federal agencies and “pass-through entities” must conduct on the organizations they fund. Prominently featured in the list of factors that OMB says these awarding agencies should consider are results of audits whether performed under the Single Audit Act or other authority (2 CFR 200.205; 2 CFR 200.331(b)(2)).
Adverse audit findings can easily be used to determine whether your organization will receive a future federal award at all or whether, if it does, it might be subject to “specific conditions” that impose more burdensome restrictions on how the funds will be administered. It is critical, therefore, to understand how grant audit findings are supposed to be presented, how to assess their validity, and how to address them whether or not your organization agrees with them. This webinar will help you gain that understanding.
- What instructions federal and nonfederal auditors currently receive about how to develop the elements of an audit finding
- How the instructions changed under new Single Audit policies contained in Subpart F of the OMB “Super Circular”
- How to dissect audit findings to assess the validity of auditors’ conclusions about asserted noncompliance or internal control deficiencies
- All about the bases for questioning grant costs, and how the amounts are supposed to be calculated
- How to formulate effective “views of management” that must be included in the text of the audit finding
- The elements of a “corrective action plan,” and how they should be presented
- What the new federal rules say about opportunities to object to enforcement actions
Think of federal grant audit findings the same way that you consider blemishes on your personal credit report — things that will adversely affect the extent and quality of your financial relationships going forward. Join Bob Lloyd, principal of Federal Fund Management Advisor, for this practical review of how to address audit findings fully and effectively.
WHO SHOULD ATTEND?
- Grant and contract managers
- Sponsored projects administrators
- Program managers
- Accounting staff
- Principal research investigators
- Business officers
- Finance directors
- Audit liaisons
- Internal auditors
Attendees will receive presentation slides as well as access to background materials.
The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).
Attend this Live Webinar and Earn up to 1.5 CPE Credits
Federal Fund Management Advisor™ is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.