Presenting a live 110 ‐ minute teleconference with interactive Q&A Circular A ‐ 133 Audits for Non ‐ Profit Clients: Protecting Grant Eligibility Successful Audit Tactics Based on Latest Guidance and Standards WEDNES DAY, FEBRUARY 2, 2011 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’s faculty features: Bruce Braunewell Principal LarsonAllen Philadelphia Bruce Braunewell, Principal, LarsonAllen , Philadelphia Lee Klumpp, S enior Technical Manager, BDO USA , Bethesda, Md. Celina Miller, Partner, Null-Lairson , Houston For this program, attendees must listen to the audio over the telephone. Please refer to the instructions emailed to the registrant for the dial-in information. Attendees can still view the presentation slides online. If you have any questions, please contact Customer Service at1-800-926-7926 ext. 10 .
Continuing Education Credits FOR LIVE EVENT ONLY Attendees must listen to the audio over the telephone . Attendees can still view the presentation slides online but there is no online audio for this program. Please refer to the instructions emailed to the registrant for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10 . at 1 800 926 7926 ext. 10 .
Tips for Optimal Quality S S ound Qualit y d Q lit For this program, you must listen via the telephone by dialing 1-866-869-6667 and entering your PIN when prompted. There will be no sound over the web co connection. ect o . If you dialed in and have any difficulties during the call, press *0 for assistance. Y ou may also send us a chat or e-mail sound@straffordpub.com immediately so we can address the problem. Viewing Qualit y To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again press the F11 key again.
Circular A ‐ 133 Audits for Non ‐ Profit Clients: Protecting Grant Eligibility Cli t P t ti G t Eli ibilit Webinar Feb. 2, 2011 Bruce Braunewell, LarsonAllen LLP Lee Klumpp, BDO US A bbraunewell@ larsonallen.com lklumpp@ bdo.com Celina Miller, Null-Lairson ccmiller@ null-lairson.com
Today’s Program S ingle Audit Act and Y ellow Book: Updates S lide 6 – S lide 12 [Bruce Braunewell] American Recovery and Reinvestment Act Update S lide 13 – S lide 23 [Lee Klumpp] New Auditing S g tandards And Effects On S ingle Audits g S lide 24 – S lide 46 [Celina Miller and Bruce Braunewell] S lide 47 – S lide 61 The S ingle Audit And What To Expect From Auditors [Celina Miller and Bruce Braunewell] [Celina Miller and Bruce Braunewell]
Bruce Braunewell, LarsonAllen LLP SINGLE AUDIT ACT AND SINGLE AUDIT ACT AND YELLOW BOOK: UPDATES
Si Single Audit Act Refresher l A di A R f h I. I. Purpose of the Single Audit Act of 1984 and OMB Circular A-133 Purpose of the Single Audit Act of 1984 and OMB Circular A 133 A. Standardized audit requirements for states, local governments and Indian tribal governments that receive and use federal awards programs II. II Organizations (auditees) that spend $500 000 or more in federal funds are Organizations (auditees) that spend $500,000 or more in federal funds are required to have a single audit performed under OMB Circular A-133. III. An auditee’s responsibilities under OMB A-133 are as follows: A A. Prepare the sched le of e pendit res of federal a Prepare the schedule of expenditures of federal awards (SEFA) and ards (SEFA) and related disclosures B. Establish and maintain internal controls over federal awards C. C C Comply with laws, regulations and the provisions of contracts or grant l h l l d h f agreements related to each of its federal programs D. Follow-up and corrective action on all audit findings E. Electronically certify and submit the “reporting package” to the federal clearinghouse 7
Single Audit Act Refresher (Cont.) Si l A di A R f h (C ) An auditor’s primary responsibilities under the Single Audit Act are to : An auditor s primary responsibilities under the Single Audit Act are to : A. Provide an opinion on whether the financial statements are presented fairly in accordance with generally accept ed audit ing st andards (GAAS ) and government audit ing st andards (GAGAS g g ( ) ) B. Provide an “ in relation to” opinion on the S EF A C. Obtain understanding of internal controls over maj or programs, sufficient to plan the audit plan the audit D. Provide a report on internal control E. Perform procedures to determine if auditee complied with laws, regulations and the provisions of contracts and grant agreements the provisions of contracts and grant agreements F. Provide a report on compliance with laws, regulations and the provisions of contracts or grant agreements. G Provide a report on audit findings in a schedule of findings and questioned costs G. Provide a report on audit findings in a schedule of findings and questioned costs H. Electronically certify the data collection form 8
2010 Compliance Supplement C li S l Released August 2010 I. I. To be used for June 30, 2010 audits and beyond (until 2011 To be used for June 30, 2010 audits and beyond (until 2011 compliance supplement is released in final form) II. ARRA requirements are in bold and are now incorporated into the applicable parts of Part 3 of the 2010 supplement vs. a separate li bl t f P t 3 f th 2010 l t t addendum for 2009. 9
2010 Compliance Supplement (Cont.) l l ( ) I. A - Activities Allowed: Updated to include limitations on activities funded with ARRA funds II. C – Cash Management: Updated to include audit obj ective on reimbursement payments i b t t III. D - Davis Bacon Act: Updated to include coverage under ARRA IV. I - Procurement, S uspension and Debarment: Updated to add ARRA “ Buy American” requirements V. L – Reporting: Updated for ARRA 1512 reporting VI. M - S VI. M S ub-recipient Monitoring: Updated for requirement for use ub recipient Monitoring: Updated for requirement for use of central contractor registration VII. N - S pecial Tests and Provisions: To provide three special tests for ARRA funded expenditures p 10
2011 Compliance Supplement (Cont.) l l ( ) I. Release date expected sometime in S pring 2011 II. Government Audit Quality Center (GAQC) has a nice summary including: A. New CFDA numbers B. Deleted CFDA numbers C. CFDAs with name changes C CFDAs with name changes D. Programs identifies by OMB as having more than minor change in supplement E E. Clusters identified by OMB as having changes in Clusters identified by OMB as having changes in supplement F. S tatus update on other sections within the supplement 11
P Proposed Yellow Book Changes d Y ll B k Ch I. In August 2010, GAO issued proposed standards revising the July 2007 generally accepted government auditing standards (GAGAS ). II. Anticipated to be effective for audits beginning after Dec. 15, 2010 (with exception of financial chapter) III. Chapter reorganization IV. Changes to independence chapter – includes “ threat assessment” and application of safeguards assessment and application of safeguards 12
Lee Klumpp, BDO USA AMERICAN RECOVERY AND AMERICAN RECOVERY AND REINVESTMENT ACT UPDATE
Effects Of ARRA On Your Organization A. Accountability and transparency 1. QCRs built into the OMB guidance – results to be placed on Recovery gov placed on Recovery.gov 2. S ingle audit reporting to be made available on the Internet 3. Auditees significantly affected by S ect. 1512 reporting; auditor responsibility going forward? B B. Non static Compliance S Non-static Compliance S upplement and other OMB upplement and other OMB guidance issued on continual basis C. Changes to maj or program determination process 14
P Potential ARRA ‐ Related Pitfalls i l ARRA R l d Pi f ll I. Maj or program determination II. Failure to properly document maj or program determination III. Failure to file 1512 Report 15
Impact Of ARRA On Compliance Requirements f l The following compliance requirements have been affected by ARRA The following compliance requirements have been affected by ARRA A. Activities allowed or unallowed B. B. Davis Bacon Act Davis Bacon Act C. Procurement D. S uspension and debarment E. Reporting F. S ub-recipient monitoring G. S pecial tests and provisions 16
A ti iti Activities Allowed/Unallowed All d/U ll d Pursuant to S ect. 1604 of ARRA, none of the funds appropriated or otherwise made available in ARRA may be used by any state or local government, or any private entity, for any casino or other gambling establishment, aquarium, zoo, golf course or swimming pool. , q , , g g p 17
D Davis Bacon Act i B A t S S ect ect. 1605 of ARRA prohibits the use of ARRA funds for a proj ect for 1605 of ARRA prohibits the use of ARRA funds for a proj ect for the construction, alteration, maintenance or repair of a public building or work unless all of the iron, steel and manufactured goods used in the proj ect are produced in the United S used in the proj ect are produced in the United S tates BUY AMERICAN tates. BUY AMERICAN Act. 18
Recommend
More recommend
