The wait is over! Independent auditors who perform audits under the Single Audit Act have eagerly awaited release of the Office of Management and Budget’s 2020 “Compliance Supplement.” The new version is finally out. With all of the federal funding activity associated with the COVID-19 pandemic and the CARES Act, this year’s edition has to be issued in two pieces. And while it is loaded with implications for those auditors, it is just as significant for grant recipients and subrecipients because it shows what compliance requirements will be tested and how.

The Supplement is essentially an audit guide that instructs auditors what federal grant compliance requirements contained in the “Super Circular” they are required to test. And it suggests ways to perform that testing. The Supplement is often referred to as a “safe harbor” since the applicable federal regulation states, “For the compliance requirements related to Federal programs contained in the compliance supplement, an audit of those compliance requirements will meet the requirements of this part.” But looked at from a recipient or subrecipient perspective, it’s really just as much of a “safe harbor.”

Understanding the Supplement can improve your chances that troublesome findings won’t surface in your auditor’s report. And OMB has told federal agencies and pass-through entities to take adverse audit findings into consideration when making future funding decisions.

So this webinar has been designed — from the recipient and subrecipient perspective — to familiarize you with this hefty document and improve your audit readiness … and survival! You’ll learn about:

• Key previous compliance tests that have been retained and in what ways.
• New special advisories about CARES Act programs that are included — and which ones are coming.
• Where and how key testing changes are being made in the requirements across all federal grant programs
• Adjustments that have been made in the listings for over 200 federal programs and clusters of programs.
• How auditors are being instructed to review internal controls over grant compliance.
• How assessment of grant performance has been integrated with traditional financial auditing.
• How to address compliance issues before audit field work begins or while it is ongoing.
• How best to respond to the many documentation requests and the testing regimens discussed in the Supplement.
• Any additional guidance likely to be issued in a Supplement addendum.

Join Bob Lloyd — principal of Federal Fund Management Advisor™ and author of two comprehensive reference works on Single Audit Act policies and practices — for this timely look at the OMB Compliance Supplement.

WHO SHOULD ATTEND:

• Finance directors
• Grant and contract managers
• Sponsored projects administrators
• Accounting staff
• Program managers
• Procurement officers
• Subgrant monitors
• Internal auditors
• External auditors

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Attend this Live Webinar and Earn up to 1.5 CPE Credits