Can you be audited for a grant?
Can you be audited for a grant?
The Single Audit Act (amended in 1996) states that grant recipients may be subject to an audit once a year. The audit aims to ensure compliance with government regulations and evaluate financial information, including expenses paid for with federal award funds.
What are the minimum training requirements for government auditors?
Under the Yellow Book, auditors must complete at least 80 hours of continuing education every two years. Under the announced changes, GAO is providing a six-month grace period to obtain CPEs, as well as a waiver of the 20-hour annual CPE requirement depending on the reporting period.
How do you prepare for a grant audit?
Outlined below are specific requirements auditors will look for when determining compliance….Focus on Detailed Documentation
- Project timelines, deliverables and milestones.
- Program income and budgets.
- Sub-recipient activities.
- Status of funds spent.
- Financial expenditures and budget narratives.
What triggers an A 133 audit?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
What are Yellow Book CPE requirements?
Yellow Book CPE requirements: Each auditor performing work in accordance with GAGAS should complete, every 2 years, at least 24 hours of CPE that directly relates to government auditing, the government environment, or the specific or unique environment in which the audited entity operates.
How much yellow book CPE do I need?
Yellow Book auditors are normally required to complete at least 80 hours of CPE every two years.
What is grant auditing?
Most simply put, it is a review of the way in which your organization has managed a grant to make sure that you are in compliance with all the rules and regulations of each grant award. Required components of an audit include such things as financial statements and records, expenditures, and internal controls.
