View from above of three gentleman sitting at table discussing audit

Preparing for the Uniform Guidance Audit (Formally known as OMB Circular A-133): Are You Ready?

Do you work for a nonfederal entity? Does your organization receive federal grants and awards? Does your organization expend $750,000 or more in these awards in one fiscal year? If you answered yes to all of these questions, then your organization is subject to a what is commonly called a Uniform Guidance audit or formally known as single audit in accordance with the Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

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Woman examining data papers for internal audit

Internal Audit Processes for Small Businesses

The word “audit” covers a lot of ground. Upon hearing it, most people immediately think of an IRS review of tax returns, a Single Audit under Uniform Guidance or another of the various legally mandated audit types. Those are big deals, to be sure, but it is the often-overlooked and purely voluntary internal audit that frequently brings the most value to an organization. An internal review of processes and procedures can identify significant issues and provide insight that helps organizations of every size mitigate risks, strengthen internal controls and improve operations.

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Accountant uses magnifying glass to examine invoices and documents

Common Single Audit Findings Part 2: Procurement, Suspension and Debarment

Single audits under the Office of Management and Budget’s Uniform Guidance are a routine responsibility for nonprofit organizations. When the single audit produces findings that must be addressed, they typically fall into one of four categories: allowable costs; procurement, suspension and debarment; reporting; and sub-recipient monitoring.

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You’ve Received an IRS Audit Notice: Now What?

Congratulations, you have been selected for an audit! Those words are as likely as any to cause terror in the unlucky individual who reads them. The IRS may not phrase an invitation to participate in an audit exactly that way, but the gist is unmistakable: You are about to undergo an official examination of your tax return for at least one filing year. What should you do?

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Person filing papers into folders in filing cabinet

Tidy Up Those Files: Here’s What You Need to Keep in 2019 (And Every Year)

“Where is that important document? I’m pretty sure we kept it…” If this sounds all too familiar, you’re not alone. Most organizations struggle with the burden of maintaining all the critical documents they will need to file taxes or complete an audit. And, of course, wondering whether or not you should hold on to a particular record only adds to the difficulty. The new year has just begun, so now is a perfect time to finally get those files in order. This time, though, you’ll have the advantage of knowing exactly what you need to keep.

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Meeting of people looking at finance documents and making calculations

Common Single Audit Findings – Part 1: Allowable Costs

Many nonprofit organizations that receive grants from the federal government require a single audit for assurance that the organization is in compliance with the Uniform Guidance requirements. Quite often these audits result in one or more findings that the organization must address. Of the 12 compliance requirements, there are four under which most audit findings fall. These frequent trouble spots are allowable costs; procurement, suspension and debarment; reporting, and sub-recipient monitoring. This article is the first in a 4-part series that will focus on these common findings; here we will address allowable costs.

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Keyboard reading "digital preservation"

Document Retention in the Digital Age

“Do you have the necessary policies?”

This question is no longer just an innocent inquiry, but a requirement. As audits become more analytical in today’s digital age, focus continues to shift to companies’ internal controls and the underlying policies influencing them. Among these is the often overlooked document retention policy.

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Preparing for the OMB Circular A-133: Are You Ready?

Read an update to this post!

Do you work for a nonfederal entity? Does your organization receive federal grants and awards? Does your organization expend $750,000 or more in these awards in one fiscal year? If you answered yes to all of these questions, then your organization is subject to a single audit in accordance with the Office of Management and Budget (OMB) Circular A-133.

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A gloved person types credit card information into a computer

Enforcing Internal Controls to Prevent and Detect Fraud in Your Business

For business owners, occupational fraud can be one of the most dangerous threats to a company’s success. According to the Association of Certified Fraud Examiners, the median loss in a business fraud case is about $130,000, and this number is even higher for small businesses. However, don’t let the statistics scare you. Using the following preventive and detective internal controls, any business owner can take action to keep fraud at bay.

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Close-up Of A Businessperson's Hand Checking Invoice With Calculator At Workplace

Audit season is right around the corner. Are you ready?

With the fiscal year end around the corner, what comes next? The annual audit, of course! With the stress of year-end closing weighing on your mind, the last thing you may want to think about is the challenge of going through an audit. This process tends to make everyone uneasy and can undoubtedly lead to extra work, but it doesn’t need to be an experience to dread.

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