On March 19, 2021, the Office of Management and Budget issued a memo directing federal agencies to delay, by six months, the deadline for recipient organizations to submit Single Audits. The new deadlines are September 30, 2021 and March 31, 2022.
It’s time to re-evaluate what liquidity actually means and how well-crafted policies can improve an organization’s operations, finances, and be a tool for educating the public, the Board, and management.
Funding received from state or local governments may have originated in the Cares Act and may only be pass-through funding. Thus, the entity may be subject to a single audit requirement. Here is a list of CARES Act- and COVID-19-related programs that could trigger a single audit.
Part of the recovery funding for many not-for-profits has come from grants. While these funds have directly helped not-for-profits keep their doors open, many executives may not realize that some of these funds could trigger a single audit.
Fraud is difficult to avoid entirely. However, some types of fraud are much more costly than others. Thankfully, there are many ways you can help protect yourself from an expensive business loss. Here are the best methods for preventing payroll and accounting fraud.
How should an organization measure and respond to risk?
As the COVID-19 pandemic continues with no real end in sight the performance of traditional on-site audits by DCAA becomes a significant safety issue.
The emergence of cloud computing has opened the door for financial institutions to take advantage of the many benefits offered by emerging technology.
The COVID-19 emergency has hit many Virginia, Maryland, and D.C. businesses and nonprofits by complete surprise.
The COVID-19 pandemic has caused a shift in how many internal audit functions operate within businesses.