How to Respond Effectively to Grant Audit Findings
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Webinar • Thursday, May 17, 2018 • 2:00-3:30 p.m. ET

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$249.00 How To Respond Effectively to Grant Audit Findings - May 2018 (OnDemand Recording)

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$249.00 How to Respond Effectively to Grant Audit Findings - May 2018 (CD Only)
Webinar Details

Subject: Post-award

Prerequisites: Some knowledge of federal grant management and audit requirements is helpful

Recommended Field of Study: Specialized Knowledge and Applications

Program Knowledge Level: Basic

Advanced Preparation: None

Federal grant recipients and subrecipients have learned that having findings in their federal 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 call the Super Circular, the 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 awarding agencies should consider are results of audits whether performed under the Single Audit Act or other authorities (2 CFR 200.205; 2 CFR 200.331(b)(2)).

So, 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 about how the funds must be administered.

This means it is crucial for you 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 do these three things — and more. You’ll get answers to:

  • What instructions do federal and nonfederal auditors currently receive about how to develop the elements of an audit finding?
  • How have the instructions changed under new Single Audit policies contained in Subpart F of the OMB Super Circular?
  • How can an awardee dissect an audit finding?
  • How can an auditee assess the validity of auditors’ conclusions about asserted noncompliance or internal control deficiency?
  • What are the bases for questioning grant costs, and how are the amounts calculated?
  • How can an auditee formulate effective “views of management” that must be included in the text of an audit finding?
  • What are the elements of a “corrective action plan” and how should they be presented — and then effectively responded to?
  • What do the new federal rules say about opportunities to object to enforcement actions?
  • What is the Federal Awardee Performance and Integrity Information System (FAPIIS), and how will grant audit findings be used to create your organization’s profile?

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. Addressing them fully and effectively is an essential response. Join Bob Lloyd, Principal of Federal Fund Management Advisor™, for this practical review of how to respond effectively to grant audit findings.

Who Should Attend?

  • Grant and contract managers
  • Sponsored projects administrators
  • Program managers
  • Business officers
  • Finance directors
  • Accounting staff
  • Audit liaisons
  • Internal auditors    
  • Principal research investigators

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

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

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