Every spring, the Office of Management and Budget engages in a ritual — it rolls out a massive audit guide called the Compliance Supplement. It’s eagerly awaited by independent auditors who perform audits under the Single Audit Act. That’s because OMB has said, “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, the current federal policy implementing the audit statute. So, the document is often referred to as “a safe harbor.”
The May 19 release of the 2023 Supplement means that auditors can start planning engagements for client fiscal years that began after June 30, 2022. However, because the Supplement identifies compliance requirements that are sure to be tested and suggests audit procedures for how that testing should be conducted, it is also a roadmap to audit readiness for federal grant recipients and subrecipients.
Using the Supplement as a set of directions, this webinar will explain:
- How the auditor uses the document to determine which requirements to test
- The key compliance features of OMB’s cross-cutting administrative and cost policies
- Which federal grant programs and clusters have unique requirements that must be tested
- The various types of documentary evidence likely to be sought out by auditors
- How OMB and the agencies have designated “higher risk” programs including those enacted in response to the COVID-19 pandemic, such as the American Rescue Plan Act (ARPA)
- The latest available risk alerts and policy clarifications
This timely and practical session will capture the essentials of the 2023 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
- Grant project directors
- Finance directors
- Audit liaisons
- Accounting staff
- Internal auditors
- 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