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Effectively Treating Audit Findings: Anatomy, Diagnosis and Cure

Webinar • Thursday, September 30, 2021 • 2:00-3:30 p.m. ET

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Webinar Details

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

Credit Information

CPE Credits Columbia Books & Information Services 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.

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Federal grant recipients and subrecipients know that findings in their federal award audits can take on a life of their own. That’s why prevention of such findings always makes good sense. It’s also pretty clear that resolving any findings quickly and effectively is an essential fallback strategy.

Under ramped up procedures from the Office of Management and Budget, federal agencies and pass-through entities must take the results of grant audits into consideration when they make future funding decisions. So, adverse uncorrected findings can be used to determine whether your organization will receive a federal award at all or whether, if your application is approved, you may be subject to “specific conditions” that impose more burdensome restrictions.

This webinar will help you: (1) understand the anatomy of how audit findings may occur and should be presented; (2) build the skills to diagnose their validity; and (3) appropriately treat or cure them. You’ll learn:

  • Instructions federal and nonfederal auditors receive about how to develop the elements of an audit finding
  • How to dissect an audit finding to assess its validity
  • How to evaluate and respond to auditors’ conclusions about any asserted noncompliance or internal control deficiency
  • The bases for questioning costs and how are those amounts are supposed to be calculated
  • How questioned costs might be mitigated
  • How to formulate the “views of management” that must be included in any grant audit finding
  • The elements of a “corrective action plan” and how they should be presented
  • What the rules say about opportunities to object to imposition of remedies
  • Factors to consider in deciding whether to contest audit findings

Think of federal award audit findings in the same way that you would consider blemishes on your personal credit report — they can adversely affect the extent and quality of your financial relationships. Preventing them and correcting them are essential skills. Join Bob Lloyd, principal of Federal Fund Management Advisor,™ for this practical review of how to take effective audit resolution.

Bob Lloyd, principal of Federal Fund Management Advisor,™ will present this timely and accurate session. He’ll debunk the numerous cash management “misconceptions” and set you on the right track for managing this critical grants management function.

WHO SHOULD ATTEND:

  • Grant and contract managers
  • Sponsored projects administrators
  • Program managers
  • Principal research investigators
  • Business officers
  • Finance directors
  • Accounting staff
  • Audit liaisons
  • Internal 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 1.5 CPE Credits

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