Under requirements of the Single Audit Act and of the Office of Management and Budget’s (OMB) Uniform Guidance, Subpart F, non-federal organizations that expend more than a threshold amount of federal grants and subgrants during their fiscal year must arrange for a single audit of those funds. Most RDOs expend the threshold amount. Meeting the requirement includes procuring the services of a qualified independent audit firm; preparing accounting records and financial statements; submitting the resulting audit report to the federal government; and following up and resolving any audit findings. Those steps are carried out to serve the underlying objectives of the single audit examination—to determine whether the organization’s financial information is accurate, whether its policies and procedures are well designed and followed, and whether it has complied with applicable laws, regulations, and award terms and conditions. Knowing what tests auditors will perform and what documentation they will be looking for is critical to meeting those objectives particularly since an organization’s “audit history” must be considered by awarding agencies in making decisions about whether to approve a grant and how it will be managed.
This session will highlight the changes that OMB has crafted in Subpart F and detail the practical steps that RDO’s can take to assure a satisfactory audit history.
This webinar is offered through the Economic Development District Community of Practice (EDD CoP), managed by the NADO Research Foundation. To learn more, visit: www.nado.org/EDDCoP. The EDD CoP is made possible through an award from the U.S. Economic Development Administration, U.S. Department of Commerce (ED22HDQ3070106). The statements, findings, conclusions, and recommendations are those of the presenter(s) and do not necessarily reflect the views of the U.S. Economic Development Administration or the U.S. Department of Commerce.
May 2025
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The Collaborative Learning Group (CLG) is a 7-month closed virtual training and networking opportunity for new EDD staff who have been at their organization for two years or less. As part of the CLG, participants have the opportunity to learn from subject matter experts about topics of importance to EDDs, network with peers, and work […]
The Collaborative Learning Group (CLG) is a 7-month closed virtual training and networking opportunity for new EDD staff who have been at their organization for two years or less. As part of the CLG, participants have the opportunity to learn from subject matter experts about topics of importance to EDDs, network with peers, and work […]
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The Collaborative Learning Group (CLG) is a 7-month closed virtual training and networking opportunity for new EDD staff who have been at their organization for two years or less. As part of the CLG, participants have the opportunity to learn from subject matter experts about topics of importance to EDDs, network with peers, and work […]
The Collaborative Learning Group (CLG) is a 7-month closed virtual training and networking opportunity for new EDD staff who have been at their organization for two years or less. As part of the CLG, participants have the opportunity to learn from subject matter experts about topics of importance to EDDs, network with peers, and work […]
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