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ITuB1 - Preparing for the Federal Audit of the Future

‐ Oct 19, 2021 11:15am

While working to respond to the COVID pandemic, health centers received a tremendous amount of support. This support came in the form of grant funds, provider relief payments, the payroll protection and EIDL loan programs, and other resources. It is important that health centers approach all of the funds available to them with the mindset that it is not if, but when federal auditors will review health center use of these funds and records because reconciliation and accountability will come. Presenters will review all of the funds available to health centers and discuss the federal audits of the future to assist health centers with preparing and maintaining auditable records related to the stimulus funds they received while responding to the COVID-19 pandemic.

Learning Objectives:

  • Review previous audit workplans of HHS Office of Inspector General and Division of Financial Integrity to understand how audits of COVID-19 stimulus funds will potentially be approached.
  • Discuss financial statement audit considerations after FASB works through and provides guidance to financial statement auditors in regards to stimulus grant funds.
  • Review financial management requirements of health center financial records to refresh knowledge surrounding record keeping and the use of grant funds.