Description
Learn best practices to prepare for the audit visit, facilitate a productive audit, and respond to audit findings.
Many organizations participating in federal grant programs are required to participate in an annual audit of their compliance with grant program requirements. They often do not understand the scope and importance of the federal audit. This presentation will help organizations understand when they must participate in the single audit process and relevant audit requirements. The material will also explain best practices to prepare for the audit visit, facilitate a productive audit, and respond to audit findings. Failure to respond timely to audit findings can complicate the audit resolution process and prolong resolution timelines. Finally, this presentation will discuss the impact of COVID on audit timelines and proper documentation of COVID flexibilities. The topic is critical for grantees to ensure that audits do not result in unnecessary findings of noncompliance.
Date: 2023-03-28 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe best practices for participating in a federal audit.
* You will be able to discuss the impact of COVID on federal audits.
* You will be able to explain the types of audit resolution processes.
* You will be able to identify the differences between a financial statement audit and a federal audit.