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OMB's Single Audit Compliance Supplement:
How Grantees Can Use It for Audit Readiness

Webinar • Tuesday, June 19, 2018 • 2:00-3:30 p.m. ET

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$249.00 OMB's Single Audit Compliance Supplement: How Grantees Can Use It for Audit Readiness (OnDemand Recording)

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$249.00 OMB's Single Audit Compliance Supplement: How Grantees Can Use It for Audit Readiness (CD Only)
Webinar Details

Subject: Post-award

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

When you were in school, you wanted to know what you would be tested on so that you could study the right stuff. In the current world of federal grants management and audit, the “test questions” are readily available. They’re arrayed in the Compliance Supplement for Single Audits, which the Office of Management and Budget has compiled on an annual basis since 1997.

OMB has just announced that it is changing this annual drill for 2018. Instead of recompiling and reissuing the entire document, OMB is only rolling out those sections that involve changed policy requirements that auditors are required to test. So, your auditors will have to combine the 2017 Supplement for requirements that have not changed with those sections revised in the 2018 version to get a clear picture of the testing scope for your next single audit. Knowing how all that fits together is a wise move for your organization if you intend to be audit-ready.

The transition to new administrative requirements and cost principles brought about under OMB’s recent grant reform initiative has largely been completed. Your single audit is the federal government’s key tool to find out whether you’re adhering to these changed rules. 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 updated Compliance Supplement is the evidence that OMB means what it says.

Independent auditors are busy getting ready to use the revised document. You need to do the same thing. This webinar will help you use the document to be audit-ready — and it will be presented from the auditee’s point of view and in layman’s language. You’ll get answers to these and other questions:

  • What does OMB say about the increased micro-purchase thresholds?
  • What administrative relief does OMB give grantees impacted by recent weather disasters? 
  • 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 addressed?
  • 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 by attending this timely and informative program, presented by Bob Lloyd, principal of Federal Fund Management Advisor™.

Who Should Attend?

  • Finance directors
  • Accounting staff
  • Internal auditors
  • Grant and contract managers
  • Sponsored projects administrators
  • Program managers
  • 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).

Attend this Live Webinar and Earn up to 1.5 CPE Credits

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  • Know which clauses flow down when crafting a subaward
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