Every summer, auditors eagerly await the release of the Office of Management and Budget’s annual Compliance Supplement — the massive single audit guide that identifies compliance requirements that may need to be tested and suggests procedures for doing that. This year, the wait has been extended by what OMB called an “administrative backlog.”
OMB has finally released a draft of the document so that auditors can begin to plan their audits. The underlying award grants management requirements haven’t changed, but what has changed are the annual selection that each federal agency makes from the list of compliance requirements that could be tested in this audit cycle. So, using the Compliance Supplement, an auditor fashions an audit scope and testing procedures that are uniquely tailored for your organization.
This webinar will help you trace the same steps the auditor takes to plan your audit so you’ll understand what to expect. And, importantly, it can identify compliance vulnerabilities that could use your attention before the auditor arrives. We’ll cover:
- Authoritative role the Compliance Supplement plays in the audit process
- How data about previous audit cycles will inform the current single audit scope
- Using the OMB’s “Matrix of Compliance Requirements” to track down the applicable compliance requirements that must be tested in your grant programs
- Translating compliance audit sampling into plain English
- Capturing the documentation necessary to support your compliance steps
- Internal control implications of compliance audit findings
- Straight forward audit resolution practices to prevent audit finding overreach
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 1.8 CPE Credits