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Managing Audits at OSU

Managing Audits at OSU

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Managing Audits at OSU

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  1. Managing Audits at OSU • OMB Circular A-133 Compliance • Agency Specific • Most Likely Risk Areas • How do you Survive? • Office of Inspector General • Investigations and Reviews Kim Calvery

  2. OMB Circular A-133 Audits of States, Local Governments, and Non-Profit Organizations Kim Calvery

  3. What is OMB Circular A-133 and Who is Affected? • Sets standards for obtaining consistency among Federal agencies for the audit of non-Federal entities. • Uniform audit requirements for grantees that administer federal awards. • The circular is applied whether receiving awards directly or from pass through entities. • The circular does not apply to non-US-based entities. Kim Calvery

  4. The A-133 Compliance Audit • The Single Audit Act - a cost effective audit that includes the entity’s financial statements and federal awards. • Federal awarding agencies must rely on the single audit. Any additional audits must build on work already performed by auditors. The federal agency must cover the full cost of any additional audits. • Organization wide audit required if expenditures on federal awards are more than $500,000 annually Kim Calvery

  5. The A-133 Compliance Audit • Includes financial aid – grants and loans. • The costs of the A-133 audit are allowed as an F&A charge, if institution subject to the circular. • Risk based audit approach by major program (CFDA code). • The audit must be performed in accordance with Government Auditing Standards. • Covers all operations, including financial statements and Schedule of Expenditures of Federal awards. Kim Calvery

  6. A-133 Compliance Audit Considerations • Important to make distinction between vendors and subrecipients. • Subrecipients are subject to A-133. • Vendors are not subject to A-133. • See handout titled “Is This a Subaward (Subcontract, Subgrant) or a Procurement?” • Audit findings may include questioned program costs. Any disallowed costs must be refunded. Kim Calvery

  7. A-133 Compliance Audit Considerations • If the auditee is a subrecipient, a copy of the audit report must be submitted to pass through entities, if there were any findings. • If no findings, notification to the pass through entity of the audit completion is sufficient. • Auditee is responsible for preparing a corrective action plan, taking corrective actions on audit findings and reporting the status of corrective actions in subsequent reports Kim Calvery

  8. Agency Specific • Award agency audits specific project • Site review • Close-out of award • Audit may be completed by: • Award agency • Office of Inspector General • Cognizant audit agency • Independent contracted audit firm Kim Calvery

  9. What is Audited? • Internal Controls – • Effectiveness and efficiency of operations. • Reliability of financial reporting; transactions properly recorded and accounted for. • Compliance with applicable laws and regulations. • Funds, property and other assets are safeguarded against loss from unauthorized use or disposition. Kim Calvery

  10. A-133 Compliance Audit Considerations • Audit reports are public record. • Audit results are maintained by the Federal Audit Clearinghouse. • The Clearinghouse is the central collection point, repository and distribution center for single audit reports.

  11. What is Audited? • Compliance with Regulations: • Allowable costs and activities • Cash management issues • Cost sharing requirements • Financial and technical reporting Kim Calvery

  12. Cost Sharing Equipment Budget Revisions Transactions within dates of award F&A rate applied Student timesheets signed Reports required and dates submitted Subcontracts Program Income Tuition remissions Effort reporting documentation Recharge (service) centers Areas that auditors may review: (but are not limited to) Kim Calvery

  13. Preparing for the Audit –OPAA Responsibilities • Get details of the audit scope, in advance • Review all files that are selected • Pull all relevant documents • May need help from Business Center staff • Meet with PI’s and accounting staff • Gather policies and handbooks • Be prepared and organized! Kim Calvery

  14. Included in the Single Audit Report • The financial statements • A schedule of expenditures of Federal awards (SEFA) • Auditor’s opinions on fair presentation • Auditor’s report on internal controls and compliance • Auditor’s schedule of findings and questioned costs Kim Calvery

  15. Management Responsibility After Audit • Evaluate audit findings • Create corrective action plan, if needed • May require cooperation with Business Center management • Issue a written decision as to what corrective action will be taken • Keep summary schedule of prior audit findings and completed corrective action plans Kim Calvery

  16. DHHS - OIG Department of Health and Human Services (DHHS) Office of Inspector General (OIG) Work Plan Fiscal Year 2009 http://oig.hhs.gov/publications/docs/workplan/2009/WorkPlanFY2009.pdf Kim Calvery

  17. Purpose of Work Plan • Identifies vulnerabilities of DHHS programs • Promotes improvement, efficiency and effectiveness • Dynamic, year-round process • Priorities shift according to Congress, the President, and the Secretary Kim Calvery

  18. Purpose of OIG • Don’t duplicate previously completed studies • Identify and evaluate audits, and inspections • Determine effectiveness of management actions to correct deficiencies Kim Calvery

  19. Mission Activities • Program audits • Financial and performance • Are objectives being achieved? • Are programs performed efficiently? • Identification of system weaknesses • Fraud, Waste or Abuse Kim Calvery

  20. Mission Activities • Program Inspections • Program and management evaluations. • Focus on specific areas of concern • Department, Congress, or Public • Focus on programs with significant expenditures • Results offer specific improvement recommendations Kim Calvery

  21. Mission Activities • Investigations • Fraud and/or misconduct suspected • Concentrate on criminal investigations • Identify systemic weaknesses • Recommend corrective management action • Recommend regulations • Recommend legislation • Pursue criminal convictions • Recover damages and assess penalties • Conduct civil and administrative proceedings Kim Calvery

  22. Mission Activities • Legal Counsel • Judicial and administrative resolution of fraud and abuse • Litigation • Develops voluntary compliance program guidance • Issues special public fraud alerts • Provides legal services to OIG • Impose administrative sanctions • Program exclusions • Monetary penalties Kim Calvery