Thompson Grants a division of CBIS

2016 - Preparing for an Audit Under the Uniform Grant Guidance:
New Strategies and Techniques

Wednesday, March 09, 2016

Webinar Details

Subject: Grants Management

Prerequisites: None

Recommended Field of Study: Specialized Knowledge and Applications

Program Knowledge Level: Basic

Advanced Preparation: None

Duration: 90 minutes

Location: Your office or conference room, per telephone connection

Course Description:

The Uniform Grant Guidance changed the single audit threshold, exemptions for reporting and use of cooperative audit resolution. In addition, there are new requirements for payroll costs, procurement support and subrecipient monitoring and reporting.

Plus, with federal agencies intending to use audits to recover $50 billion a year in unsupported costs, visits from both independent and government auditors could result in sanctions and remedies that have an ongoing impact on your access to federal funding.

Now is the time to make sure you have the right policies and procedures in place—and that they’re being followed. Now is also the time to map out an audit strategy that anticipates questions auditors are likely to ask and the best way for you to respond to potential findings and questioned costs. Here’s where to start!

Register now for Preparing for an Audit Under the Uniform Grant Guidance: New Strategies and Techniques.

In this 90-minute webinar, you’ll learn today’s best strategies for preparing for an audit from Jack Reagan, a Grant Thornton audit partner with almost three decades’ experience performing financial statement and regulatory compliance audits. From new thresholds and exemptions for reporting, to the use of cooperative audit resolution, he’ll show where the most common single audit findings arise, and how to troubleshoot your own documentation and reporting.

How to modify internal controls. You’ll zero in on troubleshooting changes you can make now to strengthen your internal controls—especially if you have a history of findings. You’ll also learn what types of questions to anticipate from auditors so you can prepare your best response. Plus, you’ll have the chance to ask your own questions during the Q&A portion of the webinar.

Reserve your space now for expert guidance on what to do now to reduce the risk that an audit will turn up findings and questionable costs, including how to:

  • Make sure you’re up to date with how the Uniform Grant Guidance has changed audit requirements
  • Understand new documentation requirements in areas such as payroll costs, procurement support and subrecipient monitoring
  • Prepare proactively to be ready for auditors’ questions
  • Define your best strategies for responding to potential findings and questioned costs

Remember, between increased federal scrutiny and so many new single audit requirements, it’s all too easy to run into problems with from both independent and government auditors. Don’t miss this opportunity to fine tune compliance—and your internal controls—before the audit.

Register now for Preparing for an Audit Under the Uniform Grant Guidance: New Strategies and Techniques.

Who Will Benefit

This webinar is of value to every recipient of federal awards—including state, local and tribal governments; higher education institutions; and nonprofits—and especially those with a history of findings. Attendees who will benefit most include:

  • Grants managers and administrators
  • CFOs/controllers, accounting and finance staff
  • General/In-house Counsel
  • Internal auditors
  • Independent auditors
  • Program managers
  • Compliance officers

Jack Reagan

Jack Reagan is an audit partner in Grant Thornton's Global Public Sector practice. Mr. Reagan has more than 28 years of dedicated industry experience working within the federal government, state and local government, health care, not-for-profit, and higher education sectors. Prior to joining Grant Thorton, he was a partner in the Public Sector Practice at CliftonLarsonAllen LLP for almost 2 years and in the Public Sector Audit practice at KPMG LLP for over 20 years. He has extensive experience performing financial statement and regulatory compliance audits, as well as a variety of advisory services projects. Mr. Reagan also spent 2 years in the national Department of Professional Practice at KPMG LLP, where he attended monthly GASB meetings and provided accounting and auditing guidance to engagement teams whose clients were required to follow GASB. Mr. Reagan has participated in numerous GASB and AICPA publications, and he is a widely sought after speaker on GASB and single audit issues.

Select to add to your shopping cart.

Finally! A practical guide to grants management.

Get practical grants management guidance that blends age-old conventional wisdom
with the historic changes in OMB’s uniform guidance:
Add A Practical Guide to Federal Grants Management -
From Solicitation Through Audit, 2nd Edition
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This comprehensive resource blends age-old conventional wisdom with the historic changes in OMB’s uniform guidance. You'll benefit from the advice of experts on time and effort reporting, procurement under grants, direct charging certain costs, single audit preparations, subrecipient monitoring and much more. The 500+ page softbound book is a valuable management guide, compliance document and training tool for busy grants managers, program directors, financial officers and auditors at nonprofit organizations, educational institutions, and state and local governments.

This valuable resource will help you and your grants management team:

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  • Make the subrecipient vs. contractor determination
  • Realize the full impact of OMB’s emphasis on internal controls
  • Understand which familiar elements of time and effort reporting have been retained in the uniform guidance ... and which are new
  • Know the nuances of requirements for subrecipient assessment and monitoring
  • Understand contract clauses in agreements for procurement under grants
  • Apply the general tests of allowability
  • Understand special issues confronting pass-through entities contracting with foreign organizations
  • Know which clauses flow down when crafting a subaward
  • Understand what is meant by a 10% de minimis indirect cost rate
  • Audit the vulnerabilities in your grants management operation
  • Understand what is meant by audit "resolution"
    ...and much more

A Practical Guide to Federal Grants Management is the best insurance policy there is for limiting your organization’s risk of disallowed costs, loss of federal funding and public relations nightmares. Add it to your order today!