Single Audit Update for Recipients and Subrecipients

Webinar • Thursday December 17, 2020 • 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

When Congress enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act, it created the biggest financial accountability challenge in U.S. history, as more grant money was awarded faster and under more challenging conditions than ever before. As such, lawmakers included significant funding for the federal offices of inspectors general to ramp up its oversight. Still, however, the federal government’s first line of defense against noncompliance in federal grants remains audits performed under the Single Audit Act.

However, recent developments affecting single audits have been anything but normal. At the federal level, the Office of Management and Budget, the federal awarding agencies and their inspectors general have struggled to issue timely and clear directions. Among recipients, subrecipients and independent auditors, distilling information from multiple and sometimes conflicting sources has been difficult.

That’s why we’ve organized this webinar for recipients and subrecipients — to capture and translate the developments that affect your single audit, whether it’s already underway or will be starting soon. You’ll learn about:

  • Updated compliance testing criteria. The guidance in OMB’s Compliance Supplement that independent auditors must use to test grant compliance was only partially rolled out in August; a later “Addendum” contains key criteria that primarily affects CARES Act funds. Auditees need to understand these details for effective audit readiness.
  • Revised grant administration policies. Changes to administrative requirements and cost principles affecting current awards took effect on Nov. 12.     
  • Reporting package submission deadlines. Independent auditors have warned that they may not be able to properly complete their work in order to meet standard report submission timeframes. But the consequences of late submissions will likely fall on awardees.
  • More auditees. The significant increase in recent funding levels translates to a much greater number of organizations that will undergo a single audit for the first time. Implications for audit quality and usefulness of reports for federal agencies and pass-through entities could be significant.
  • What to expect from the incoming Biden Administration. There are plenty of people guessing about what’s ahead. However, knowing that the president-elect was the Obama Administration’s point person on the major stimulus law, the American Recovery and Reinvestment Act (ARRA), may provide an indication.

Join Bob Lloyd, principal of Federal Fund Management Advisor™ and a respected authority on federal grants management policies, for this timely and detailed update on the current single audit environment from the perspective of recipients and subrecipients.

WHO SHOULD ATTEND:

  • Program managers
  • Sponsored projects administrators
  • Finance directors
  • Accounting staff
  • Audit liaisons
  • Grant and contract managers
  • 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 1.5 CPE Credits

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  • Know which clauses flow down when crafting a subaward
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