| The Audits are Coming, the Audits are Coming! CARES Act audi
ts have started, 2021 Compliance Supplement is out, what do you need
to know?
strong>Presented by Edward T. Waters, Managing Partner, Felde
sman Tucker Leifer Fidell LLP
span>
In the past 18 months, Congress has passed an a
stonishing number of emergency funding bills. These pieces of legislation
both authorized a number of new programs and appropriated literally hundred
s of billions of dollars if not more in the form of federal grants and dire
ct federal assistance designed to mitigate the impact of the pandemic. As
with past large emergency funding bills, each bill contained funds for Offi
ces of Inspector General to audit the use of the funds and even created tem
porary oversight agencies. These funds are also federal funds that must be
included on the SEFA, part of each recipient’s Single Audit. Consistent w
ith those audit requirements, OMB recently issued the 2021 Compliance Suppl
ement that included all of the new COVID funding programs such as PRF and C
RF among others. This session will review current real-world document req
uests from the OIG as a precursor of things to come for many recipients as
well as address some of the interesting elements of the 2021 Compliance Sup
plement. Learning Objecti
ves:
Under
stand what federal auditors will be looking for and why;
li>Discuss common audit findings in federal gr
ants and how to avoid them;
Review changes in the 2021 Compliance Supplement particularly as they re
late to the fairly unusual “Direct Payments for Specified Use;”
Learn best practices throughout!
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