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WHITEPAPER: Preparing for an Audit

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800.443.9441 | November 2016 2 | Introduction The bar has been raised for recipients of federal grant awards. With the advent of the new Uniform Guidance regulations, non-federal entities are expected to meet performance measurements, assess risk, and effectively manage grants based on a whole new set of standards. If you're a grant recipient applying for additional federal funds, having a clean audit will be critical to passing new risk and integrity assessments performed by potential funders. Take full advantage of the opportunity that this cooperative audit resolution with federal agencies provides— it's an excellent chance to resolve old issues and prepare your organization for future success. Maybe you're experiencing a queasy feeling as you come to the end of your first year of grant spending. Or maybe you're a seasoned grant professional nervous about how things have changed with the new 2 CFR Part 200 grant regulations (a.k.a. Uniform Guidance) and wondering how the death of the A-133 audit guidance will affect you. Perhaps you've been working on the program side of grant management and haven't been directly involved in the audit side of grant management before. No matter what circumstances have led you to this report, you're bound to be wondering, "What should I expect when an auditor arrives?" There's a first time for everything, and your first single audit is no different. You may have several questions already, or you may not even know enough about the audit process to know what questions you should ask. The first step: take a deep breath and don't panic. In this report, I'll guide you through the process with a step-by-step approach to reduce your stress and help you feel confident that you're ready to hold your own! Contents 1 Introduction 2 New Uniform Guidance and Single Audit Regulations: What Changed? 4 Single Audit Fundamentals: What You Need to Know 6 Three Key Single Audit Changes for Grant Managers 6 Three Steps for Avoiding Deficiencies during a Single Audit 7 Conclusion 7 Bonus Resource: 10 Tips for a Smooth Single Audit 8 About the Author 8 About Blackbaud

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