- Pub Code: WG301-11WEB
- Originally held on Jan. 23, 2013
Adverse Findings in Grant Audits: Anatomy, Diagnosis and Treatment
January 23, 2013 Webinar - Listen On-Demand or Get a CD!
Unfortunately, for organizations administering federal funds, assertions about noncompliance with federal requirements and deficiencies in internal control can be a fact of life. But what if the findings are not valid or only partially correct? This webinar addresses how to resolve audit findings from the perspective of the auditee, with the objective of reducing adverse impact.
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 minimize the adverse impact of federal audit findings
The days of “no findings” audits involving federal grants appear to be over. Whether the audits are conducted by independent auditors under Office of Management and Budget Circular A-133 or by federal offices of inspectors general and their “duly authorized representatives,” the auditors are under pressure to prove that they did their work.
Unfortunately, for organizations administering federal funds, that means that assertions about noncompliance with federal requirements and deficiencies in internal control can be a fact of life. And, if those findings are sustained by awarding agencies, the consequences can involve repaying disallowed costs, jeopardy to future federal awards, and harm to the organization’s reputation.
But what if the findings are not valid or only partially correct? This webinar will address how to resolve audit findings from the perspective of the auditee, with the objective of reducing adverse impact. Participants will get answers to questions such as:
- What are the types of adverse audit findings?
- What are bases for questioned costs?
- What are the required auditing standards for elements of an audit finding?
- What are the steps for issuing an audit finding?
- What if some of the required elements of a finding aren’t there?
- What are the possible bases for challenging a finding?
- How and when should challenges be mounted?
- What are the steps in the audit resolution process?
- What if the finding is correct?
Prerequisites: Some knowledge of federal grants management and audits requirements is helpful but not necessary
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 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 and NACUBO. 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?
- Sponsored Program Administrators
- Grant and Contract Administrators
- Federal Program Managers
- Principal Investigators
- Internal Auditors
- External Auditors
- Finance Directors
- Governing Body Members
- Audit Committee Members
- Senior Managers
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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