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Subrecipient Monitoring - Yellow Book Series (Course Id 1678)

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Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 4.0
IRS Credits : 0
Price : $55.00
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1678

Description :

Grant money comes with plenty of strings attached!  One string involves subrecipient monitoring.  If your auditee receives grant monies but then passes some or all of the money on to other organizations (called subrecipients) the auditee still has an obligation to make sure that the money is being used as intended.

Federal grant regulations have always required grantees that make subawards to monitor subrecipients. However, when the Office of Management and Budget issued the Uniform Guidance, they strongly emphasized the need for subrecipient monitoring and added a few important requirements.

This text is intended help you understand subrecipient monitoring requirements and provide tools and techniques to help you meet your obligations to the grantor.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 11-Aug-2020
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1678

Keywords : Auditing (Governmental), Subrecipient, Monitoring, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Identify the regulations that apply to subrecipient monitoring by pass-through entities included in the Uniform Administrative Requirements applicable to state and local governments and nonprofit organizations
  • Identify key government regulators and their functions
  • Recognize the UGG requirements for conducting risk assessments of subrecipients
  • Identify the requirements for monitoring subrecipients
  • Cite additional considerations when conducting risk assessments of subrecipients
  • Distinguish between inherent risk, control risk and detection risk
  • Recall the elements of the fraud triangle
  • Recognize the elements of a three-tier monitoring plan
  • Identify the need for documentation of monitoring
  • Cite when the grantor organization needs to be informed about subrecipient issues.
  • Identify the elements in reviewing a subrecipientís Single Audit Report
  • Identify the factors to consider when resolving the findings in a subrecipientís Single Audit Report
  • Recall the components of an internal control system
  • Recognize tools and guides provided by the AGA for monitoring subrecipients.

Chapter 1
The Uniform Grant Guidance - General Principles & Basic Premises

  • Identify the regulations that apply to subrecipient monitoring by pass-through entities included in the Uniform Administrative Requirements applicable to state and local governments and nonprofit organizations
  • Identify key government regulators and their function
  • Identify the benefits of having a productive, friendly relationship with the client

    Chapter 2
    Risk Assessment and Monitoring

  • Recognize the UGG requirements for conducting risk assessments of subrecipients
  • Identify the requirements for monitoring subrecipients

    Chapter 3
    Additional Expectations for Risk Assessments

  • Cite additional considerations when conducting risk assessments of subrecipients
  • Distinguish between inherent risk, control risk and detection risk

    Chapter 4
    The Consideration of Fraud: The Fraud Triangle

  • Recall the elements of the fraud triangle

    Chapter 5
    Have a Monitoring Plan for Each Recipient

  • Recognize the elements of a three-tier monitoring plan
  • Identify the need for documentation of monitoring

    Chapter 6
    Follow Up on All Identified Problems

  • Cite when the grantor organization needs to be informed about subrecipient issues

    Chapter 7
    The Single Audit

  • Identify the elements in reviewing a subrecipientís Single Audit Report
  • Identify the factors to consider when resolving the findings in a subrecipientís Single Audit Report

    Chapter 8
    Internal Control Standards

  • Recall the components of an internal control system

    Chapter 9
    Tools You Can Use

  • Recognize tools and guides provided by the AGA for monitoring subrecipients
  • Course Contents :

    Chapter 1: The Uniform Grant Guidance - General Principles & Basic Premises

    Course Learning Objectives

    1-1 Inclusion of 2 CFR 200 sections

    1-2 Definitions pertinent to Federal Administrative Requirements regarding subrecipient monitoring

    1-3 Differentiating contracts from subrecipient agreements

    1-3-1 OMB tries to write clearly and succinctly

    1-3-2 The UGG lists five factors that indicate a subrecipient agreement

    1-3-3 The UGG also provides five factors that indicate a contract

    1-3-4 The Complete UGG Sections 200.330 and 200.331

    Chapter 1 Summary

    Study Questions for Chapter 1

     

    Chapter 2: Risk Assessment and Monitoring

    Objectives:

    2-1 Risk Assessments

    2-2 Subrecipient monitoring requirements

    2-2-1 Pass-through entities must verify that subrecipients obtain Single Audits when required

    2-2-2 Subrecipient monitoring must include specific activities

    2-2-3 Ensure that the subrecipient takes prompt corrective action

    2-2-4 Ensure that subrecipients take action on all deficiencies

    2-3 Other techniques that pass-through entities may find useful

    2-3-1 Training subrecipients

    2-3-2 Conducting site reviews

    2-3-3 Process for conducting site reviews

    2-3-4 Arranging for an agreed-upon procedures engagement

    2-4 Other monitoring requirements

    2-4-1 Consider whether the pass-through entity should adjust its own records

    2-4-2 Consider enforcement actions against noncompliant subrecipients

    2-4-3 Conduct necessary monitoring of for-profit subrecipients

    Chapter 2 Summary

    Study Questions for Chapter 2

     

    Chapter 3: Additional Expectations for Risk Assessments

    Objectives:

    3-1 Considering the risks to your organization

    3-2 Programmatic risk is almost always more significant than financial risk

    3-3 Always consider the risk of fraud

    3-3-1 Fraud is significant

    3-3-2 Testing for fraud

    3-4 Think about risk the way an auditor does

    3-4-1 Inherent risk

    3-4-2 Control risk

    3-4-3 Detection risk

    3-5 Addressing the various risks

    3-6 Deciding which risks to address

    3-7 One way to evaluate risk

    Chapter 3 Summary

    Study Questions for Chapter 3

     

    Chapter 4: The Consideration of Fraud: The Fraud Triangle

    Objectives:

    4-1 Incentives or pressures

    4-2 Opportunities

    4-3 Ability to rationalize

    Chapter 4 Summary

    Study Questions for Chapter 4

     

    Chapter 5: Have a Monitoring Plan for Each Recipient

    Objectives:

    5-1 Use the risk assessment to develop a monitoring plan

    5-1-1 Consider a three-tier plan

    5-1-2 You may need to adjust the plan if the situation changes

    5-2 Document the monitoring activity

    5-2-1 Document specific actions

    5-2-2 Document issues you plan to raise with the subrecipient

    5-2-3 Document all recommendations

    Chapter 5 Summary

    Study Questions for Chapter 5

     

    Chapter 6: Follow Up on All Identified Problems

    Objectives:

    6-1 Deal with any financial implications

    6-2 Determine whether you need to notify the grantor of problems

    6-3 Do the issues you identified indicate any other problems?

    Chapter 6 Summary

    Study Questions for Chapter 6

     

    Chapter 7: The Single Audit

    Objectives:

    7-1 What is a Single Audit?

    7-2 Pass-through entities must review subrecipients Single Audits

    7-3 Considering the auditorís opinion

    7-4 Reviewing Single Audit findings

    7-5 Resolving audit findings

    7-6 Additional considerations in financial liability

    Chapter 7 Summary

    Study Questions for Chapter 7

     

    Chapter 8: Internal Control Standards

    Objectives:

    8-1 Reasonable assurance

    8-2 Internal control standards

    8-3 Structure of the Green Book

    8-4 Control environment

    8-5 Risk assessment

    8-6 Control activities

    8-7 Information and communication

    8-8 Monitoring

    8-9 Implications of an internal control assessment

    Chapter 8 Summary

    Study Questions for Chapter 8

     

    Chapter 9: Tools You Can Use

    Objectives:

    9-1 Be sure that you know the rules

    9-2 Add to your network

    9-3 AGA Subrecipient Monitoring and Self-Assessment Guide

    9-3-1 Use of the Subrecipient Monitoring Guide

    9-3-2 Topics covered by the Guide

    9-4 AGAís Risk Assessment Monitoring Tool

    9-5 AGAís Subrecipient vs. Contractor Checklist

    9-6 You can access many other tools on the Internet

    Study Questions for Chapter 9

     

    Glossary

    CPE Auditing (Governmental) Course: https://www.cpethink.com/yellow-book-auditing
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