- Pub Code: WG219-11WEB
- Originally held on July 24, 2012
How Grantees Can Use the OMB A-133 Compliance Supplement to Become “Audit Ready”
July 24, 2012 Webinar - Listen On-Demand or Get a CD!
The federal government’s first line of defense against fraud, waste, abuse and mismanagement in federal grants and subgrants is the requirement that recipients and subrecipients arrange an annual independent audit in accordance with OMB Circular A-133. A key tool associated with that audit, the Compliance Supplement for Circular A-133 Audits, is the closest thing to having a preview of the test questions on the night before the exam. Bob Lloyd presents this information-packed webinar that will help you gain an understanding of the Supplement’s standard features that will make your organization more “audit ready.”
The On-Demand recording will be available immediately upon purchase* as a link within a PDF file of the accompanying written materials. CDs and printed materials are shipped via USPS.
Learn How to Use the A-133 Compliance Supplement to Become “Audit Ready”
The federal government’s first line of defense against fraud, waste, abuse and mismanagement in federal grants and subgrants is the requirement that recipients and subrecipients arrange an annual independent audit in accordance with Office of Management and Budget Circular A-133. And a key tool associated with that audit is the hefty Compliance Supplement for Circular A-133 Audits.
Because it’s essentially an audit guide, many grant recipients and subrecipients might be inclined to think that the Supplement’s 1,500-plus pages are best left to the auditors. But the savvy ones recognize that the detailed document — revised and reissued each year — is the closest thing to having a preview of the test questions on the night before the exam.
Circular A-133 instructs auditors that, if their work tracks the requirements in the Supplement, they satisfy the compliance testing portion of the audit. So, you can be sure auditors pay close attention to what the Supplement says not only about the compliance requirements themselves but also about the suggested audit procedures that they can use to carry out their work.
The 2012 edition of the Supplement has been released so that auditors can plan their audits for fiscal years that end June 30, 2012, or after. And, just like every year, the new version contains some changes and some new areas of emphasis that are important to know about. But, understanding the Supplement’s standard features — and how they make it a guide to effective federal grants management — is its real value to recipients and subrecipients.
This information-packed webinar will help you gain that understanding and make your organization more “audit ready.” You’ll learn about —
- How the Compliance Supplement is organized and how to drill down on the specific information about your grant programs;
- Why some grant programs are included while many others are not;
- The “Matrix of Compliance Requirements” and the importance of “CFDA” numbers in using it;
- The current cross-cutting compliance requirements that will be tested and specific audit objectives associated with each;
- The role of the identified “suggested” audit procedures;
- How to be alert to possible grant documentation that will help demonstrate compliance;
- The Supplement’s guidance on internal controls over compliance; and
- Key changes and advisories in this year’s edition
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 nearly 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 sixteen 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 several reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News and Federal Auditing News, published jointly by Atlantic Information Services, NACUBO and NCURA. 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?
- Grant and Contract Administrators
- Sponsored Program Administrators
- Federal Program Managers
- Principal Investigators
- Program managers
- 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. Each of the sets of federal cost principles issued by OMB for federal awards administered by state, local, and tribal governments, colleges and universities, and nonprofit organizations explicitly states that the costs of training for employee development and vocational effectiveness are allowable. For your records, the specific citations are:
- OMB Circular A-21 (2 CFR 220), Appendix A, Paragraph J.51—Colleges and Universities
- OMB Circular A-87 (2 CFR 225), Appendix B, Paragraph 42—State, Local and Tribal Governments
- OMB Circular A-122 (2 CFR 230), Appendix C, Paragraph 49(a)—Nonprofit Organizations
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