OMB’s Annual Compliance Supplement:
How Awardees Can Use It for Single Audit Readiness

Webinar • Wednesday, July 31, 2019 • 2:00-3:30 p.m. ET  

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Live Webinar + CD
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$349.00 OMB’s Annual Compliance Supplement: How Awardees Can Use It for Single Audit Readiness (07.31.19) (Live Webinar + CD)
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

Credit Information

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State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.

www.nasba.org


As summer approaches each year, many independent auditors who perform audits under the Single Audit Act eagerly await the annual release of the Office of Management and Budget’s Compliance Supplement. The Supplement is an official and integral part of OMB’s larger “Super Circular.” It’s essentially an audit guide that instructs auditors what federal grant compliance requirements they are required to test, and it suggests ways to perform that testing.

Many often refer to the Supplement as a “safe harbor” — an audit of the compliance requirements contained in the Supplement will meet the requirements of the single audit. In a sense, then, the Supplement is also telling recipients and subrecipients what you’ll be tested on during your required audit, and how the audit will proceed.

If your organization is ready to respond to the documentation requests and the testing regimens discussed in the Supplement, it improves your chances that troublesome findings won’t surface in your audit report. And, as you know by now, OMB has told federal agencies and pass-through entities that they must take those findings into consideration when making future funding decisions.

So, this webinar has been designed — from your perspective — to familiarize you with this hefty document and improve your audit readiness and survival! You’ll learn:

  • Which key compliance tests have been retained, and in what ways
  • Where and how testing changes have been made to cross-cutting requirements
  • What specific adjustments have been made in the listings for over 200 programs and clusters of programs
  • How auditors are instructed to use guidance in prior Supplements for review of internal controls over compliance
  • What new special advisories and alerts are being published for 2019
  • How to address compliance issues before audit fieldwork begins

Join Bob Lloyd, principal of Federal Fund Management Advisor and author of two reference works on Single Audit Act policies and practices, for this timely look at the OMB Compliance Supplement.

WHO SHOULD ATTEND:

  • Finance directors
  • Grant and contract managers
  • Sponsored projects administrators
  • Accounting staff
  • Program managers
  • Procurement officers
  • Subgrant monitors
  • 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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