March 10 Webinar to Offer Guidance on Mitigating the Impact of Adverse Grant Audit Findings

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The March 10 Federal Fund Management Advisor webinar will offer a practical review of how to effectively treat audit findings.

In its new uniform governmentwide guidance, the Office of Management and Budget (OMB) has ramped up the procedures for risk assessment that federal agencies are required to conduct prior to making a direct federal grant, and that “pass-through entities” must perform in order to decide how to perform oversight of subrecipients. The March 10 Federal Fund Management Advisor webinar, “Effectively Treating Grant Audit Findings: Anatomy, Diagnosis and Cure'” will help organizations understand how audit findings are supposed to be presented, how to assess their validity and how to address them.

Federal Fund Management Advisor Principal Bob Lloyd will lead 60 minutes of presentation followed by 30 minutes devoted to individual questions. Participants will learn:

  •     The importance of the instructions federal and non-federal auditors currently receive about how to develop the elements of an audit finding
  •     How these instructions will change under new Single Audit policies contained in Subpart F of the uniform guidance
  •     The types of adverse audit findings
  •     The steps in the audit resolution process
  •     How to dissect audit findings to assess the validity of auditors’ conclusions about asserted noncompliance or internal control deficiency
  •     What the bases are for questioning costs, and how the amounts are calculated
  •     How to formulate the “views of management” that must be included in the audit finding text
  •     What the elements of a “corrective action plan” are and how should they be presented
  •     What the new guidance says about opportunities to object to imposition of remedies for asserted noncompliance

Visit http://federalfundmanagement.com/webinars/wg506_031015 for more details and registration information.

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 A Guide to OMB Grant Reform and several other reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News, published by Atlantic Information Services. He also is a Charter Life Member of the National Grants Management Association and served on its Board of Directors for five years.

Attendees of the Live Webinar Can Earn Up to 1.5 CPE Credits
Federal Fund Management Advisor is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org.

About Federal Fund Management Advisor
Federal Fund Management Advisor provides recipients and subrecipients of federal funds with accurate, responsible and practical advice concerning the acquisition, administration and oversight of federal grants, cooperative agreements and contracts. Through management, compliance and best practices webinars, and a wide variety of technical assistance capabilities, this advisory service can help organizations navigate effectively in today’s highly charged federal fund accountability atmosphere. Visit http://www.federalfundmanagement.com.

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Shelly Beaird-Francois
Atlantic Information Services
+1 (202) 775-9008 Ext: 3064
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