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Single Audit Vulnerabilities: Common Findings and How to Avoid Them

Webinar • Tuesday, September 24, 2019 • 2:00-3:30 p.m. ET

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$249.00 Single Audit Vulnerabilities: Common Findings and How to Avoid Them (09.24.19) (On-Demand Recording)

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$249.00 Single Audit Vulnerabilities: Common Findings and How to Avoid Them (09.24.19) (CD Only)
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

For savvy federal grant recipient and subrecipients, data about the results of audits performed under the Single Audit Act and Subpart F of 2 CFR 200 can flash a bright yellow caution light. Analysis of, and possible fallout from, these reports can show up in a variety of ways.

The Federal Audit Clearinghouse, the Census Bureau unit that collects about 40,000 single audit reports annually, compiles plenty of information about common internal control and compliance findings. Plus, the federal inspectors general semiannually tell Congress about trends that they observe in single audit reports, as well as in separate audits that they perform on grant recipients.

What emerges — if you know where to look — is a clearer picture of common audit findings and the kinds of vulnerabilities that can cause them. And given the central role that findings in your organization’s audit history can now play in award decisions, it is prudent management to know what “land mines” are out there and how to avoid them.

This webinar captures information from diverse sources about what the common audit vulnerabilities are and highlights the underlying federal requirements that, if followed correctly, can help an organization avoid questioned costs and burdensome corrective actions.

During this timely and informative session you’ll learn about:

  • Federal cash management missteps
  • Problematic documentation of third party in-kind matching contributions
  • Treating grant income like a “rainy day fund”
  • Bad timing on actions requiring prior approval
  • Faulty equipment recordkeeping and inventory reconciliations
  • Absence of due diligence in procurement of goods and services
  • Unjustified sole source and other noncompetitive procurements
  • Sloppy equipment recordkeeping and inventory reconciliations
  • Questionable determinations about subrecipient relationships
  • Inadequate monitoring of subrecipients and contractors
  • Failure to determine audit compliance of subrecipients
  • Weak source documentation
  • Impact of violating your own internal federal grant policies

Join Bob Lloyd, principal of Federal Fund Management Advisor and a respected authority on oversight of federal awards, for this timely analysis and practical guidance.

Who Should Attend?

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

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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