How to Use OMB’s New Single Audit Compliance Supplement for Audit Readiness

Thursday, July 13, 2017, 2:00-3:30 p.m. Eastern time

Webinar Details

Subject: Post-award

Recommended Field of Study: Specialized Knowledge and Applications, Auditing (including Government Auditing)

Program Knowledge Level: Basic

Advanced Preparation: None

When you were in school, you wanted to know what you would be tested on so that you could study the right things. But back then, most instructors kept the exam under wraps until you and your fellow students were in your seats.

In the current world of federal grants management and audit, however, the test questions are readily available. They’re arrayed in the Compliance Supplement for Single Audits issued annually by the U.S. Office of Management and Budget.

The 2017 version has changes that will drive the fieldwork and reporting that your independent auditors will conduct in your next annual audit. Knowing what those are and how to be ready for them is a wise move on your part.

The transition to new administrative requirements and cost principles brought about under OMB’s “Super Circular” is largely complete. So, testing against those new requirements is going to be the normal drill.

OMB has said that it wants single audits to concentrate more on higher-dollar, higher-risk programs, and to test the most important compliance requirements and the internal controls over them. The 2017 Compliance Supplement is the evidence that OMB means what it says.

OMB has already released the draft to independent auditors who are busy getting ready to use the revised document. Grant recipients and subrecipients need to be doing the same thing. This webinar will help you get ready — from your point of view, the auditee, and in layman’s language.

We will cover:

  • Which “big ticket” compliance tests have been retained and in what ways
  • Key text changes to the audit of cross-cutting grant requirements
  • Documentation auditors will be looking for
  • What adjustments have been made to listings of specific federal programs and clusters of programs
  • How the guidance on audit of internal controls over compliance has been updated
  • Special advisories and high-risk alerts now included in the supplement

Make no mistake — the results of your single audit are going to be used to make future decisions about your federal funding. Get ready for that examination with this timely and informative program presented by Bob Lloyd, principal of Federal Fund Management Advisor™.

Who Should Attend?

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

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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