This session offers an in-depth exploration of single audits, focusing on their role in ensuring proper management and accountability of federal funds. Participants will gain insights into the history, regulations, and current standards governing these audits. The presentation highlights the difference between financial and compliance audits, emphasizing the importance of maintaining accurate financial records and effective internal controls. A high-level framework for compiling the Schedule of Federal Expenditures will also be introduced along with lessons learned from prior audits.
Content level: Intermediate
Learning objectives:
- Understand the foundational aspects of single audits, including key legislation, criteria under Uniform Guidance, and the distinction between financial and compliance audits.
- Develop skills for effective single audit preparation, focusing on best practices in internal controls, accurate financial record-keeping, and fostering a compliance-oriented organizational culture.
Track: Grant Accounting
Financial Management Certificate: Elective
Speaker(s): Virgil Swanier, Associate Director, Post Award and Research Finance, Children's Hospital Los Angeles; Victor Medina, Senior Business Applications Analyst, Children's Hospital Los Angeles; Matt McPeck, Manager, Post-Award & Research Finance, Children's Hospital Los Angeles; Sonia Badrinath, Executive Director, Research Operations, Children's Hospital Los Angeles