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OMB Uniform Guidance Audit and Grant Audits

 

If you’ve met the grant spending threshold, you are required to hire an independent CPA firm to perform your Uniform Guidance Audit.

 

OMB Uniform Guidance Audit and Grant Audits

NIH Grants Subject to OMB Uniform Guidance Audit:  If an NIH awardee has annual expenditures from grants that exceeds $750,000 then it is subject to an annual Uniform Guidance Audit. The awardee is required to hire and pay for a CPA firm professionally qualified to conduct this type of audit, which encompasses both financial and compliance components. The audit report must be submitted to the National External Audit Review Center within nine months of the Company’s fiscal year end. The auditor’s report is reviewed by the Inspector General’s Office (IG) for quality control purposes and the CPA firm’s work papers may be audited by the IG.

DoE Grants Subject to Audit: Under Regulation 10 CFR 600.316, when a for-profit recipient has annual expenditures from DoE financial assistance awards of $750,000 or more, a DoE program-specific audit is required. This audit is very similar to the NIH audit above, and includes compliance tests, tests of internal controls, and audit follow-up on prior audit findings. However, unlike the NIH audit, the DoE audit report is due six months after the recipient’s fiscal year end (as opposed to nine months).

For companies required to hire a CPA to perform a grant audit, Jameson offers two options. Please note that we can’t do both options for our clients; you must choose one or the other.

Option 1. If you are confident in your internal control systems and your grant compliance, you can hire us as your outside auditor. Thanks to our long history of working with government awards, we have a reputation as professionals who are accurate and fair. See our Peer Review Report.  This service may only be combined with a limited number of our services listed above as we will be considered your independent auditor.

Option 2. If you have any doubts regarding your compliance or your business’ ability to complete an audit unscathed, then call us in to help. We will perform a Risk & Compliance Analysis of your accounting system and correct any flaws, then we’ll help you find a qualified auditor to perform your grant audit, and will represent you during the audit process.  This service may be combined with any of our other services above as we are essentially part of your financial team.

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