WHO TO CONTACT DURING THE LIVE EVENT For Additional Registrations: -Call Strafford Customer Service 1-800-926-7926 x1 (or 404-881-1141 x1) For Assistance During the Live Program: -On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN. IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved for 2 CPE credit hours. To earn credit you must: • Participate in the program on your own computer connection (no sharing) – if you need to register additional people, please call customer service at 1-800-926-7926 ext.1 (or 404-881-1141 ext. 1). Strafford accepts American Express, Visa, MasterCard, Discover. • Listen on-line via your computer speakers. • Respond to five prompts during the program plus a single verification code. • To earn full credit, you must remain connected for the entire program. Sharpening Single Audit Practices and Avoiding Audit Deficiencies THURSDAY, MAY 23, 2019, 1:00-2:50 pm Eastern FOR LIVE PROGRAM ONLY
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WHO TO CONTACT DURING THE LIVE EVENT
For Additional Registrations:
-Call Strafford Customer Service 1-800-926-7926 x1 (or 404-881-1141 x1)
For Assistance During the Live Program:
-On the web, use the chat box at the bottom left of the screen
If you get disconnected during the program, you can simply log in using your original instructions and PIN.
IMPORTANT INFORMATION FOR THE LIVE PROGRAM
This program is approved for 2 CPE credit hours. To earn credit you must:
• Participate in the program on your own computer connection (no sharing) – if you need to register
additional people, please call customer service at 1-800-926-7926 ext.1 (or 404-881-1141 ext. 1).
Strafford accepts American Express, Visa, MasterCard, Discover.
• Listen on-line via your computer speakers.
• Respond to five prompts during the program plus a single verification code.
• To earn full credit, you must remain connected for the entire program.
Sharpening Single Audit Practices and Avoiding
Audit DeficienciesTHURSDAY, MAY 23, 2019, 1:00-2:50 pm Eastern
FOR LIVE PROGRAM ONLY
Tips for Optimal Quality
Sound Quality
When listening via your computer speakers, please note that the quality
of your sound will vary depending on the speed and quality of your internet
connection.
If the sound quality is not satisfactory, please e-mail [email protected]
• Soliciting a pre-approved list only (not full and open)
• Inaccurate descriptions
• Unnecessary experience requirements
• Inappropriate use of sole source
• Suspension and Debarment was not verified (or not documented)
• Internal Controls for Purchasing Alliances
Procurement, Suspension and Debarment:
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COMMON FINDINGS
• Designing and reviewing policy to ensure it is compliant
• Training employees on the procurement policy
• Several layers of review, depending on procurement type
• Design and implement internal controls to monitor compliance
• Gaining a full understanding of the entire procurement cycle
Procurement, Suspension and Debarment Prevention:
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COMMON FINDINGS Program Income:
• Lack of identifying the income as federal (and subject to
federal compliance requirements)
• Spending program income on unallowable costs
Prevention:• Obtaining clarification of the grantor’s definition of program
income
• Training on how program income is applied (subtracted from
draws or spent in addition)
• Design and implement internal controls to monitor compliance
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COMMON FINDINGSReporting:
• Lack of supporting
documentation or reconciliations
• Inaccurate reports
• Verifying prepopulated numbers
for accuracy
Prevention:• Independent review and
approval
• Document retention, including
supporting information (i.e. not
just the reports)
• Design and implement internal
controls to monitor compliance
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COMMON FINDINGS
• Subawards not updated for U.G.
• No risk assessment policies or procedures
• Risk assessment policies/procedures but lack of performance
• Lack of review of subrecipient audit reports
• Lack of management decisions
• Lack of suspension and debarment verification on subrecipients (or not documented)
Subrecipient Monitoring
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COMMON FINDINGS
Subrecipient Monitoring Prevention:
• Training, training, training
• Documented policies
• Document retention
• Calendar of monitoring
• Assignment of responsibilities
• Design and implement internal controls to monitor compliance38
COMMON FINDINGS
Special Tests - Overall:• Differ from grant to grant
• Understand the terms of grant
award
• Ensure appropriate training is
in place
• Implement internal controls as
appropriate
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BRINGING IT ALL TOGETHER
• Auditees and auditors should be very familiar with Uniform Guidance• Advise clients where to read the requirements
• Advise clients how to find information
• Auditees and auditors should be aware of common findings
• Corrective Action Plans and Status of Prior Year Findings• Auditee prepared
• Something achievable
• Regulators on the look out for long standing findings
• Audit firms should have quality control systems in place
• Regulations continually change – CPE for single audits should be
ongoing!
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This presentation is presented with the understanding that the information contained does not constitute legal, accounting or other professional advice.
It is not intended to be responsive to any individual situation or concerns, as the contents of this presentation are intended for general information
purposes only. Viewers are urged not to act upon the information contained in this presentation without first consulting competent legal, accounting or
other professional advice regarding implications of a particular factual situation. Questions and additional information can be submitted to your Eide
Bailly representative, or to the presenter of this session.