Federal Grant Audits: How to Plan, Prepare and Respond Using 2 CFR 200 [2-Part Series]

Did your organization spend $750,000 or more of federal grant funds last year? Learn how to comply with 2 CFR 200.

The Federal Grant Single Audit process is important and complex. All nonprofits that annually spend $750,000 or more of federal grant funds must complete an audit. Now is the time to prepare! The number of required audits, greater compliance scrutiny, and a shortage of qualified auditors make this topic more important than ever.

You must learn the Single Audit best practices and many important fundamentals for nonprofits. In this era of grant accountability, understanding and following the federal standards is critical, including:

• Planning for the audit
• Preparing audit materials
• Responding to audit findings

Federal Grant Audits: How to Plan, Prepare, and Respond Using 2 CFR 200

• Where can you find the key Single Audit requirements in the Federal Uniform Guidance – 2 CFR 200?
• Which audit requirements affect your nonprofit?
• When is a Federal Single Audit required?
• How should you plan and prepare for the audit?
• Will changes be necessary to your nonprofit’s policies and practices?
• What is an audit finding and how is it documented?
• What are the best practices for responding to a Single-Audit finding?
• What is are the cost and impact of an audit questioned?