Presented by Edward T. Waters, Managing Partner, Feldesman Tucker Leifer Fidell LLP

In the past 18 months, Congress has passed an astonishing number of emergency funding bills.  These pieces of legislation both authorized a number of new programs and appropriated literally hundreds of billions of dollars if not more in the form of federal grants and direct federal assistance designed to mitigate the impact of the pandemic.  As with past large emergency funding bills, each bill contained funds for Offices of Inspector General to audit the use of the funds and even created temporary oversight agencies.  These funds are also federal funds that must be included on the SEFA, part of each recipient’s Single Audit.  Consistent with those audit requirements, OMB recently issued the 2021 Compliance Supplement that included all of the new COVID funding programs such as PRF and CRF among others.   This session will review current real-world document requests 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 Supplement.
 
Learning Objectives:

• Understand what federal auditors will be looking for and why;

• Discuss common audit findings in federal grants and how to avoid them;

• Review changes in the 2021 Compliance Supplement particularly as they relate to the fairly unusual “Direct Payments for Specified Use;”

• Learn best practices throughout!