Saturday • December 16
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A-133, Are You Ready?
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Foundations and Nonprofits are created to meet a social need that is not met by any small business or corporation. There is and always will be a need for this type of organization. The one major regulatory requirement for nonprofits is to have an independent audit done for internal controls, A-133 audit. This audit is for every organization that receives $500,000 or more of federal dollars in a given year. Regulatory Guidelines and OMB Requirements have been created to protect the assets through Internal Controls Policies and Procedures, Governance, Oversight, Segregation of duties and risk management.

Are your prepared for this Single Audit? Do you understand how to establish a solid tracking system for federal funds; understand OMB A-133; internal controls; have you developed a strong procedure manual and internal controls that meet the critical components of the audit?

Do you know the basic roles and responsibilities of the auditor? Have you identified potential problems and corrected them prior to the audit; understand your role as a pass thru grantor? Do you understand the instructions on how to prepare the Schedule of Expenditures of Federal Awards, a required report for A-133 audit?

Today we will discuss these things and more. Perform a risk assessment and self-evaluation to identify potential risks; prepare a plan for process re-engineering to minimize and eliminate risks, understand what auditors are looking for in their audit plan and internal controls. We will discuss major areas of risks and how to perform self-evaluations to identify risks in the internal processes and policies.
Episode Segments:
 
A Sharpe Outlook: A-133

If you are a Nonprofit, are you prepared for your A-133 Audit? This episode will make sure you are, with a comprehensive analysis of the whole procedure.
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