Thompson Grants Workshop: Preparing for the Annual Audit

Thompson Grants Workshop: Preparing for the Annual Audit

Grant auditors are expanding federal and state subrecipient monitoring. Donors and taxpayers want more transparency on how monies are being spent. The result is that the results of financial statement audits and Uniform Grant Guidance audits are more visible than ever before.

That’s why the way you prepare for annual audits must be more effective than ever before. But what does “effective” entail?

Let an experienced grant auditor clarify steps that can make the biggest difference during preparation, the audit itself and when the report is issued. This can be especially helpful when you are continuing to operate in a hybrid work/remote environment.

In this on-demand workshop, UHY Partner Jack Reagan mines his experience as an auditor to share “dos and don’ts” that can improve the way you prepare for and undergo your next financial statement or Uniform Grant Guidance audit. Plus, in his second session, he’ll provide special emphasis on the audit procedures to be performed over your CARES Act/Fiscal Recovery Fund monies received.

Fix “red flags” before auditors arrive. In mapping out how annual audits are developed, Jack Reagan shows you how to make your preparation more targeted to make our audit more successful.

Agenda

Session 1: Dos and Don’ts From a Seasoned Auditor
In this first session, Jack Reagan will help you prepare for your annual audit by taking out the guesswork on things such as:
• When an audit is required
• The basic phases of the financial statement audit
• The basic phases of the Uniform Grant Guidance audit
• The various reports you’ll receive at the end of the audit
• Auditor “red flags” that will bring additional audit scrutiny
• How to present the annual audit results to your Board

A Look At Thompson’s Grants Compliance Expert 

Session 2: Preparing for Audit- Post-Pandemic or Otherwise
Audits of your financial statements and your grant programs continue with modification due to the continued impact of the pandemic. This session will discuss how to prepare for your annual audits while continuing to operate in a hybrid work/remote environment, which special emphasis on the audit procedures to be performed over your CARES Act/Fiscal Recovery Fund monies received.

Meet Your Instructor

Jack Reagan is a Partner at UHY LLP in Columbia Maryland with over thirty years of experience in the audit and evaluation of federal, state and local government and not-for-profit financial statements, internal controls, and accounting and financial management systems and operations. He has overseen numerous projects demonstrating his extensive knowledge of accounting, financial management, auditing and budget to include developing and revising operating policies and procedures for federal and state and local government agencies and designing or evaluating financial reporting internal controls. He has also conducted numerous Single Audits and Uniform Grant Guidance audits, both in the Washington DC area as well as nationally. He is a widely sought-after speaker on governmental accounting, auditing and grants management topics.