- Pub Code: WG304-11WEB
- Originally held on Feb. 19, 2013
OMB Circular A-133 — The Essentials
February 19, 2013 Webinar - Listen On-Demand or Get a CD!
This webinar presents, in laymen’s terms, the essentials of Circular A-133. This briefing will help you understand the key federal requirements so you can help your organization be A-133 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 your organization can be “audit ready”
The first line of defense that the federal government has against fraud, waste, and abuse in federal grant programs is Office of Management and Budget Circular A-133, Audits of States, Local Governments and Nonprofit Organizations. It requires that any covered organization that expends more than $500,000 in federal awards during its fiscal year must arrange for an independent audit in which specific types of testing on grant expenditures will be conducted.
The result is an audit report intended to inform federal agencies and entities that subaward federal funds about whether financial information is accurate, whether internal controls are well designed and followed, and whether there has been compliance with laws and regulations that, if they were violated, could result in repayment of the funds.
Federal auditors are required to rely on these reports for purposes of their federal grant oversight. So, understanding the ins and outs of the Circular is important to most everyone who works for a recipient or subrecipient organization.
This webinar is a briefing on the essentials of Circular A-133, presented in laymen’s terms. It will translate the “bureaucratise” about how the examination is conducted and provide clear explanations about what the auditors will be looking for and how you can help your organization to be “audit ready.”
During this practical review of this key federal accountability policy that will be help assure understanding up and down your organizational chain of responsibility, you’ll learn about:
- How federal auditors and managers — and prime grantees — use A-133 reports for grant oversight.
- What A-133 says about key policies concerning who does what in the audit process, what awards are covered, and the relationship to other audit and grants management requirements.
- The legal background and implementation of the Circular and why that’s important.
- Who is covered and which of their awards are covered.
- The “road-map” to applicable policy, standards, and guidance.
- How to take a checklist approach to responsibilities of “auditees” and “pass-through entities.”
- The “cognizant agency” concept and how it affects what federal agencies are required to do.
- The scope of the auditors’ work and how they assess the risk of misstatement and noncompliance.
- The “audit reporting package” and how to use it for grants management and oversight.
Instructor Bob Lloyd has worked with the Circular since it was first issued in 1990 and has conducted scores of training sessions on its requirements. He is also the principal author of two reference manuals that cover the Circular in all of its technical detail.
In addition to providing you with a solid overview of what’s currently required under the Circular, Bob will preview what OMB has indicated it plans to do in the near future to revise the dollar threshold that triggers the audit and to possibly streamline its compliance testing, reporting, and follow-up requirements.
ENHANCED CONTENT — You’ll also hear how OMB’s new federal grant reform proposal, released on February 1, would overhaul the way single audits are triggered and conducted. Their plans include raising the threshold of federal awards expended, reducing the types of compliance testing that will have to be done, retooling the approach to subrecipient monitoring and oversight, and emphasizing more effective follow-up on audit findings. And, audit policies would be folded in with administrative requirements and cost principles to create a comprehensive system of federal grants management guidance.
Prerequisites: Some knowledge of federal grants management 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
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
CDs (and accompanying written materials) are shipped via UPS. Please give us your street address when you order (UPS does not deliver to PO boxes). You should receive your order within two weeks.* Shipping and handling cost is $12.
The On-Demand Recording will be delivered as a link within a PDF file of the accompanying written materials. Shipping will NOT be charged for this item.
- If you order the On-Demand Recording before the conference date (by itself or in combination with the live Webinar), you will be sent an email with the PDF file attached once the recording is available.*
- After the On-Demand Recording is available*, if you order on this website through our secure shopping cart, you will receive an email, immediately after submitting your order, with a link directing you to download the PDF file. If you order through our customer service department (by phone, mail, fax or email), you will be sent an email with the PDF file attached.
Rush Orders: Please call us at 800-521-4323 to place a rush order.* We will overnight your order for an additional charge of $30, or you can give us your FedEx or UPS account number and we will charge the shipping to your account. Rush orders placed after 3:00pm EST will not be shipped out until the next business day.
*On-Demand recordings will be available within a week of the conference and CDs will be available within two weeks.
For more information regarding refunds, complaints, and/or program cancellations, please contact AIS’s Customer Service team.