OMB's NEW 2010 Compliance Supplement for Circular A-133 Audits

Every June, the Office of Management and Budget (OMB) releases the complete update to its “Compliance Supplement for Circular A-133 Audits”to provide independent auditors with guidance about the compliance requirements to be reviewed in the course of these mandated audits of federal funds. The extensive annual “Supplement” saves non-federal auditors research time and provide reasonable assurance to the federal government that audit testing will be uniformly carried out in the thousands of A-133 audits conducted each year. Use of the Compliance Supplement has become known as a “safe harbor” for auditors -- if they follow it, they satisfy the compliance testing expectations of Circular A-133.

So, if the “Compliance Supplement” is for auditors, why would anyone else -- like grant recipients and subrecipients—want to become familiar with it? Because...it covers what they’re going to be tested on. This year, that is even more important because the new Supplement is addressing what auditors are expected to look for in the massive federal programs funded under the American Recovery and Reinvestment Act—better known as “The Stimulus.” Because of their sheer dollar size, newness, and unique statutory requirements, these programs are designated as “high risk” by federal awarding agencies and will have to be subjected to mandatory testing by the auditors performing the Circular A-133 audits. With the high visibility of these programs, it’ll be particularly important to be “audit ready” this year.   

Learn how during this audio conference featuring speaker, Bob Lloyd, a respected authority on federal policies affecting acquisition, administration and audit of federal grants. With more than 35 years of experience in federal award administration and oversight, he will help you examine this latest version of the OMBCompliance Supplement—but from the unique viewpoint of federal grantees and subgrantees.

Program Highlights:

During this audio conference, Mr. Lloyd will: 

• Provide a “roadmap” of how the “Compliance Supplement” is organized and how to “cut to the chase” to find the information you or your auditor need;
• Review the 14 key general grants management compliance areas that are specified for audit testing;
• Identify the kinds of tests that auditors are likely to use;
• Focus on the unique requirements that will be tested when some or all of a grant award is funded using Recovery Act (Stimulus) funds;
• Suggest ways to develop or improve your documentation to demonstrate compliance;
• Caution you about ways that inappropriate “back door” requirements might be surfacing from the guidance in the Supplement;
• Detail what will happen if some of your grant programs aren’t covered in the “Supplement” and what your role should be in developing the compliance information for that program;
• Highlight what to expect in the auditor’s review of your internal controls over federal programs-- another way of saying, your grants management system.

Plus, time will be set aside for an interactive Q&A session after the presentation. Listen in and get the chance to ask your specific question!

Attendees Who Will Benefit From This Audio Conference Include:

Anyone involved with grants management or auditing should attend including: 

• Grants Administrators
• Program Staff
• Finance Officers and Staff
• Audit Liaisons
• Internal Auditors
• External Auditors 

Robert M. Lloyd is a respected authority on policies affecting the acquisition, administration and audit of federal grants and contracts. The former executive director of the Grants Management Advisory Service, Mr. Lloyd has more than 35 years of experience in federal award implementation and oversight. After extensive work with two large federally funded organizations and a national firm, he formed his own management consulting practice in Washington, DC, in 1982. Since then, he has been a trainer, consultant and advisor to management and audit units in fifteen major federal grant making agencies and with grantee, subgrantees and independent audit organizations located in all fifty states, the District of Columbia and 17 foreign countries. In addition, he has served recipient and independent audit organizations located throughout the United States and eight foreign countries. Among his diverse clients are governmental units, colleges and universities, nonprofit organizations, associations and professional and commercial firms.