How to Use OMB’s 2016 Single Audit Compliance Supplement for Audit Readiness
When you were in school, you wanted to know what you would be tested on so that you could study the right things. Back then, the instructor kept the exam under wraps until you and your fellow students were in your seats. But, in the current world of federal grants management and audit, the test questions are readily available. They’re arrayed in the annual issuance of the Compliance Supplement for Single Audits compiled by the U.S. Office of Management and Budget (OMB). And the 2016 version will have significant changes that will drive the field work and reporting that your independent auditors will conduct in your next annual audit. So knowing what those are and how to be ready for them is a wise move.
In some past years, the changes to the Compliance Supplement weren’t that consequential. But this year, the transition to new administrative requirements and cost principles brought about under OMB’s grant reform initiative has largely been completed. So testing against the 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 2016 Compliance Supplement is the evidence that they mean what they say.
Your independent auditors are busy getting ready to use the revised document. Grant recipients and subrecipients need to be doing the same thing. This webinar will help do just that — from the point of view of the auditee and in layman’s language. You’ll learn:
- Which “big ticket” compliance tests have been retained and in what ways
- What key text changes have been made to the audit of cross-cutting grant requirements
- What documentation are auditors being told to look for
- What adjustments have been made to listings of specific federal programs and clusters of programs
- How has the guidance on audit of internal controls over compliance been updated
- What special advisories and high-risk alerts have been incorporated
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.
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
- Internal auditors
- Legal counsels
- Audit liaisons
- Grant and contract managers
- Sponsored projects administrators
- Program managers
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).