Every spring, the Office of Management and Budget engages in a seasonal ritual when it rolls out the massive grant audit guide called the Compliance Supplement. The document is eagerly awaited by independent auditors who perform Single Audit Act audits. But its release can also prove important to federal grant recipients and subrecipients.
OMB has stated that, “For the compliance requirements related to federal programs contained in the compliance supplement, an audit of these compliance requirements will meet the requirements” of Subpart F of 2 CFR 200. So, the document is often referred to as “a safe harbor.”
Release of the 2025 Supplement means that auditors can start planning engagements for client fiscal years that began after June 30, 2024. But because the Supplement identifies compliance requirements that are sure to be tested and suggests procedures for how that testing should be conducted, it is also a roadmap to audit readiness.
This webinar will show you how to use the supplement as a set of audit readiness directions. You’ll learn about:
- How auditors use the Supplement to determine which requirements to test
- What the key compliance features are of OMB’s cross-cutting administrative and cost policies
- Which federal grant programs and clusters have unique requirements that must be tested
- What types of documentary evidence are likely to be sought
- How OMB and the federal agencies have designated “higher risk” programs
- The program impact of the “Department of Government Efficiency”
- What to know about recently published risk alerts and policy clarifications
This timely and practical session will capture the essentials of the 2025 Supplement from the perspective of recipients and subrecipients and will help assure your organization’s audit readiness.
WHO SHOULD ATTEND
- Grant and contract managers
- Sponsored projects administrators
- Finance directors
- Audit liaisons
- Accounting staff
- Internal auditors
- Grant project directors
- External auditors
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