Ketel Thorstenson, LLP will be hosting a lunch and learn series presentation of a webinar regarding auditee responsibilities under Uniform Guidance on August 17, 2016. The webinar will assist auditees in the very important role they play in the Single Audit process under Uniform Guidance.
Uniform Guidance impacts states, local governments, Indian tribes, and nonprofit organizations that expend federal grant funds. Eight separate grant circulars were combined into one location with Uniform Guidance. Uniform Guidance consists of three main categories:
- Section A: Subparts A-D: Reforms to Administrative Requirements
- Section B: Subpart E: Reforms to Cost Principles
- Section C: Subpart F: Reforms to Audit Requirements
Under Uniform Guidance, entities that expend more than $750,000 in a fiscal year are required to have a Single Audit. A Single Audit is an audit of the financial statements and federal grant compliance. Single Audits are complex engagements with a number of unusual audit requirements. The Single Audit process always runs more smoothly when auditees have an understanding of the audit process and are prepared for it. The webinar will include the following:
- What compliance requirements are, how auditees can identify them, and what auditors are required to test, including a high-level overview of the audit requirements in Subpart F of the Uniform Guidance;
- Auditee responsibilities for internal control over compliance and auditor responsibilities for understanding and testing internal control over compliance;
- The various reporting requirements for auditees and auditors; and
- Tips for auditees to get ready for Single Audits and steps that can be taken to help ensure a quality audit is obtained.
Plan to attend the webinar on August 17. RSVP by August 12 to RSVP@ktllp.com or call 605-716-3284. Seating is limited. Cost is $5, lunch will be provided.