Washington, DC (PRWEB) February 08, 2013
Understanding the ins and outs of Office of Management and Budget Circular A-133, “Audits of States, Local Governments and Nonprofit Organizations,” is important to most everyone who works for a recipient or subrecipient organization. Learn how to get “audit ready” in an upcoming Feb. 19 webinar, “OMB Circular A-133 — The Essentials,” from Federal Fund Management Advisor. Presented in laymen’s terms, the webinar will explain the key federal requirements for these audits and provide a solid understanding of this accountability policy.
OMB Circular A-133 is the first line of defense that the federal government has against fraud, waste, and abuse in federal grant programs. Resultant audit reports inform federal agencies and entities that subaward federal funds about whether financial information is accurate, whether internal controls are well designed and followed, and whether there has been compliance with laws and regulations that, if they were violated, could result in repayment of the funds. Federal auditors are required to rely on these reports for purposes of their federal grant oversight.
The Feb. 19 webinar will translate the “bureaucratise” about how the examination is conducted and provide clear explanations about what the auditors will be looking for and how organizations can get “audit ready.” Presented by Bob Lloyd — who has worked with the Circular since it was first issued in 1990 and has conducted scores of training sessions on its requirements, in addition to authoring two reference manuals that cover the Circular in all of its technical detail — the webinar will explain:
- How federal auditors and managers — and prime grantees — use A-133 reports for grant oversight.
- What A-133 says about key policies concerning who does what in the audit process, what awards are covered, and the relationship to other audit and grants management requirements.
- The legal background and implementation of the Circular and why that’s important.
- Who is covered and which of their awards are covered.
- The “road-map” to applicable policy, standards, and guidance.
- How to take a checklist approach to responsibilities of “auditees” and “pass-through entities.”
- The “cognizant agency” concept and how it affects what federal agencies are required to do.
- The scope of the auditors’ work and how they assess the risk of misstatement and noncompliance.
- The “audit reporting package” and how to use it for grants management and oversight.
Webinar participants will also hear how OMB’s new federal grant reform proposal, released on Feb. 1, would overhaul the way single audits are triggered and conducted. Their plans include raising the threshold of federal awards expended, reducing the types of compliance testing that will have to be done, retooling the approach to subrecipient monitoring and oversight, and emphasizing more effective follow-up on audit findings. And, audit policies would be folded in with administrative requirements and cost principles to create a comprehensive system of federal grants management guidance.
Visit http://federalfundmanagement.com/webinars/wg304_021913 for more details and registration information.
About Bob Lloyd
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 several reference works on federal grants management and audits, and currently serves as contributing editor to Federal Grants News and Federal Auditing News, published jointly by Atlantic Information Services and NACUBO. 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 is an organization that sponsors Federal Funding webinars and delivers free Federal Funding E-Strategies. Go to http://www.FederalFundManagement.com to read the latest E-Strategy, “Can They Cut Off Your Federal Grant at the Next ‘Cliff’?”