Gain a better understanding of the requirements of the Uniform Guidance and related expectations for audits and other monitoring activities.
Receiving federal financial assistance (grants and cooperative agreements) provides a tremendous source of revenue for many organizations but carries a significant level of compliance requirements and, potentially, risk if managed incorrectly. This presentation will help individuals involved in pursuing and managing federal awards to understand the requirements of the Uniform Guidance and related expectations for audits and other monitoring activities. The course will focus on discussing common challenges and risk areas associated with the Uniform Guidance requirements and help flush out the nuances involved in effectively managing grant awards. This workshop will help federal funding recipients proactively manage compliance and reduce risk associated with audit findings, including questioned costs, and enhance documentation and support of costs charged to federal funds.
Learning Objectives
- You will be able to define the rules and requirements applicable to federal financial assistance (grants).
- You will be able to describe the Single Audit process.
- You will be able to recognize common audit findings and other areas of focus for recipients of financial assistance.
- You will be able to identify best practice for preparing for and undergoing a Single Audit (or other form of monitoring/review).
Agenda
Introduction and Overview of Federal Financial Assistance
- Distinction Between Federal Procurement and Federal Financial Assistance
- Types of Funding Programs
Structure of the Uniform Guidance
- Explore the Various Subparts of 2 CFR 200
- Other Requirements/Regulations Governing Federal Financial Assistance
- Regulatory Order of Precedence
Oversight and Monitoring of Financial Assistance
- Agency Reviews
- Offices of Inspector General
- Single Audits
Purpose and Scope of the Single Audit
- Purpose
- Scope/Coverage
- OMB Compliance Supplement
Common Audit Findings
- Statistics From Most Recently Available Single Audit Data
- Deep Dive of Common/Repeat Audit Findings
How to Prepare Your Organization for an Audit
Speakers
David Clark,
BDO USA- Managing director, Federal Grants Management Advisory
- Nearly two decades of experience working with recipients of federal grants funding and interpreting and applying the expectations of the Uniform Guidance (and OMB Circulars prior to that)
- Frequent speaker and author on topics regarding Uniform Guidance compliance and cost allowability within nonprofit organizations and state and local governments
- Supported the management of over $8B in CARES/ARPA funding for state and local governments since 2020
- Professional affiliations include the Association of Certified Fraud Examiners, Association of College and University Auditors, Institute of Internal Auditors, National Council of University Research Administrators, and National Grants Management Association
- Certified internal auditor, certified fraud examiner, and certification in risk management assurance
- B.S. degree in commerce, concentrations in finance and management, University of Virginia, McIntire School of Commerce
Who Should Attend
This live webinar is designed for accountants, executive directors, auditors, board members, officers, controllers, CFOs, and tax managers.
