Are You Ready for 'Subpart F?'
By now, most federal grant recipients and subrecipients have completed their first full fiscal year under revised policies implementing the Single Audit Act. As you’ve probably heard, the packaging of those requirements has changed — old familiar Circular A-133 has given way to something called “Subpart F of 2 CFR 200.” And the substance has changed, too.
The U.S. Office of Management and Budget crafted a rolling implementation approach mandating that the new policies take effect for auditee fiscal years beginning after December 26, 2014. That means that the fieldwork and reporting on most of the first new federal award audits is just getting underway. So, auditees need to understand how those activities are going to be carried out. And, more importantly, you need to grasp how the results of those audits are required to be used to impact future award decisions.
The change that has gotten the most attention involves a higher threshold of federal fund expenditures that triggers the Single Audit requirement, but that’s just the tip of the iceberg. There are a host of other changes that affect how you’re expected to procure audit services, what kind of award testing your auditors must perform, and what their audit reports and audit findings are supposed to look like.
Your organization’s audit readiness — and survival — starts with a smooth transition to Subpart F and this webinar will guide you through it. You’ll learn answers to questions like:
- What is the revised guidance on which federal awards must be audited?
- How has OMB changed its Compliance Supplement for Single Audits to direct audit testing?
- How will the audit threshold change affect subrecipient monitoring?
- What features must be included in your request for audit proposals?
- Which terms and conditions belong in your contract for audit services?
- How will the revised policies affect the auditor’s determination of “major programs”?
- What should you anticipate about how the auditor will assess federal program risk?
- Why has OMB placed so much emphasis on the required attributes of an audit finding?
- Who can now qualify as a “low-risk auditee” — and who can’t?
- How will your single audit history be used as a pre-award review criterion?
The new Subpart F covers the most important oversight tool at the disposal of your awarding agencies — your single audit. Now is the time to make sure you know how it will be conducted and used.
Prerequisites: Some knowledge of federal grant management and audit requirements is helpful
Advanced preparation: None
Attendees will receive presentation slides as well as access to background documents.
BOB LLOYD is a respected authority on policies and practices affecting the award, administration and oversight of federal grants, contracts and subawards. Mr. Lloyd has more than 40 years of experience in federal award implementation. Prior to starting his management consulting practice in Washington, D.C., in 1982, he served as the executive director of the Grants Management Advisory Service and held staff positions in two large federally funded organizations. Since then, he has been a consultant, trainer or advisor to award and audit units in 16 federal award-making departments and agencies, and to recipient and subrecipient organizations and their professional advisors located in all 50 states, the District of Columbia, several U.S. territories and 18 foreign countries. He is the principal author of A Practical Guide to Federal Grants Management — From Solicitation Through Audit and several other reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News, published by Atlantic Information Services. He also is a Charter Life Member of the National Grants Management Association and served on its Board of Directors for five years.
Who Should Attend?
- Finance directors
- Accounting staff
- Grant and contract managers
- Sponsored projects administrators
- Program specialists
- Senior executives
- Audit liaisons
- Subaward administrators
- Internal auditors
- External auditors
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).