- Pub Code: WG312-11WEB
- Originally held on May 29, 2013
Procurement of Your Annual Single Audit — How to Make One of Your Most Important Federal Grant Purchases
May 29, 2013 Webinar - Listen On-Demand or Get a CD!
Approaching audit procurement systematically is the best way to ensure a balanced independent audit that will meet required standards. No matter what stage of the audit procurement process you are in or whether it’ll be a while before you will re-enter the marketplace, this webinar provides the tools for making one of your most important federal grant purchases.
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.
Tips for Making Your Most Important Grant Purchase
“When procuring audit services, the objective should be to obtain high quality audits.” That’s what the Office of Management and Budget (OMB) has to say in new proposed guidance about selecting auditors who will conduct audits to meet the requirements of the Single Audit Act.
It’s no surprise that OMB might want to hang a light on audit quality. A couple of years back, a comprehensive — and statistically valid — study by federal inspectors general (IGs) on the quality of nonfederal audits revealed that a whopping 51% were substandard. The IGs fixed their gaze on independent auditors and highlighted lots of significant field work and reporting deficiencies that they said needed to be repaired.
For an even longer period, however, federal grant recipients and subrecipients have been criticized for faulty procurement practices that led to poor solicitation for and selection of auditors. For example, one IG reviewed audit procurement by auditees it oversaw and concluded that 14 out of 43 had not followed proper federal requirements for procuring the services. One of those grantees hadn’t reprocured their audit in 67 years! The new OMB hortatory language about audit quality is not completely unexpected.
No federal grantee or subgrantee wants audit findings in their Single Audit report. You’re not shopping for someone to write you up gratuitously. But you also don’t want federal officials asserting, as they have been known to do, that your auditors aren’t qualified or thorough or — worse — that they are “pulling their punches” to avoid irritating a client.
So, approaching audit procurement systematically is the best way to ensure a balanced independent audit that will meet required standards. This webinar will help you do that. You’ll learn answers to these questions:
- What are the basic requirements for procurement of services by grantees?
- How are those requirements modified in the case of audit services?
- How do you plan and articulate the scope of a single audit?
- What audit standards and requirements apply?
- How can you generate competition?
- What factors should influence use of multi-year audit contracts and auditor rotation options?
- What features should be included in your Request for Proposal (RFP)?
- What evaluation criteria should be employed?
- Who should be involved in the selection decision?
- What provisions should the audit contract include?
- How should liaison with the auditors and monitoring of performance be handled?
- How does the cost of the audit get charged to federal programs?
No matter what stage of the audit procurement process you are in or whether it’ll be a while before you will re-enter the marketplace, this session will provide you with the information and the tools to make one of your most important federal grant purchases.
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 programs administrators
- Grant and contract managers
- Accounting staff
- Governing body members
- Audit committee members
- Finance directors
- 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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