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What Grant Recipients and Subrecipients Need To Know About OMB’s 2022 Single Audit Compliance Supplement

Webinar • Thursday, June 9, 2022 • 2:00-3:30 p.m. ET

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$249.00 What Grant Recipients and Subrecipients Need To Know About OMB’s 2022 Single Audit Compliance Supplement (06.09.22) (On-Demand Recording)
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

For years now, the predicted springtime release of the Office of Management and Budget’s Compliance Supplement has often slipped by weeks or even months. But not this year, as OMB’s hefty 2022 Supplement hit the streets on May 12, even before the books closed for the first cohort of fiscal years to be covered by the document — those ending June 30, 2022.

What’s different about this year’s document? Start with the fact that federal funding under the trillion dollar American Rescue Plan Act (ARPA) has flowed at an unprecedented pace. Thousands of organizations that previously received little or no federal funding are now full-fledged recipients, subrecipients or both. And the Biden Administration has a big stake in making sure that those organizations receive strong effective oversight. By design, single audits represent a key element of that oversight effort. There’s also a concern about the supply of qualified audit organizations capable of understanding and performing single audits.

So the fire was lit under OMB to issue timely detailed guidance on how to perform these Single Audit Act examinations, particularly when expenditures of the massive ARPA programs are in the mix. But the Compliance Supplement really isn’t just for auditors. Savvy recipients and subrecipients who learn how to use it can gather valuable insight about what to expect when the auditors show up, such as:

  • What are the compliance requirements that will be tested in the specific federal programs that individual recipients and subrecipients administer?
  • What kinds of audit procedures are being suggested for auditors to adopt?
  • What types of documentation are the auditors told to examine?
  • What “high risk” areas are being emphasized in the upcoming round of single audits covering fiscal years beginning after June 30, 2021?

This webinar will capture the essentials of the 2022 Compliance Supplement from a recipient and subrecipient perspective and help you to be audit-ready. Join Bob Lloyd, principal of Federal Fund Management Advisor™, for this timely and practical session.

WHO SHOULD ATTEND:

  • Finance directors
  • Audit liaisons
  • Accounting staff
  • Grant and contract managers
  • Sponsored projects administrators
  • 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).

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