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Recipients, Subrecipients: Use the 2024 Compliance Supplement for Audit Readiness

Webinar • Tuesday, June 18, 2024 • 2:00-3:30 p.m. EDT

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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

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In late May, just as it does every spring, the U.S. Office of Management and Budget rolled out a massive audit guide called the Compliance Supplement. It’s always eagerly awaited by independent auditors who perform audits under the Single Audit Act.

The Supplement identifies compliance requirements to be tested and suggests audit procedures for how that testing should be conducted. It it is also a roadmap to audit readiness for federal grant recipients and subrecipients. The document is often referred to as “a safe harbor” because 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, the federal policy implementing the audit statute.

The Supplement is a set of directions for audit readiness that this webinar will show you how to use effectively. You’ll learn:

  • How auditors use the Supplement 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
  • Types of documentary evidence likely to be sought by auditors
  • How OMB and the agencies designate “higher risk” programs — such as those enacted in response to the COVID-19 pandemic such as the American Rescue Plan Act (ARPA) and the Bipartisan Infrastructure Law
  • Recently published risk alerts and policy clarifications that you need to know about

This timely and practical session will capture the essentials of the 2024 Supplement from the perspective or recipients and subrecipients and will help assure your organization’s audit readiness.

WHO SHOULD ATTEND:

  • Grant and contract managers
  • Sponsored projects administrators
  • Internal auditors
  • Grant project directors
  • Finance directors
  • Audit liaisons
  • Accounting staff
  • 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

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  • Know which clauses flow down when crafting a subaward
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