grant
Pre-audit
- Expert Compliance Knowledge: Our auditors are highly trained in federal and state compliance standards, ensuring you meet every requirement.
- Customized Audit Approach: We tailor our approach to your specific grants, helping you address unique compliance needs.
- Transparent Reporting: Our detailed findings and corrective actions make it easy to understand and act on audit results.
- Future-Ready Preparation: Our services prepare you for seamless, compliant grant management that supports eligibility for future funding.
Ensure Compliance, Transparency, and Accountability
Navigating grant compliance can be complex, but our Grant Audit Services make it easy. We provide thorough audits designed to meet federal, state, and grantor standards, helping you maintain eligibility for future funding.
Pre-Audit Preparation
We start by reviewing all grant agreements to define the audit scope and identify specific requirements. Signed documents are checked for compliance, including allowable costs and deadlines. Financial records such as the General Ledger, matching funds, and revenues are compiled and verified against the budget. Supporting documents like receipts, invoices, and timesheets are collected to justify expenses.
Expense Verification
Every expense matters, and our thorough verification ensures compliance with grant requirements. We check that personnel costs match the grant budget and timesheets reflect actual grant work. All direct costs—like equipment, travel, and supplies—are reviewed for allowability. Indirect costs are validated against approved rates, and matching funds or in-kind contributions are documented and fairly valued.
Compliance Testing
Testing compliance with grant requirements reduces risk and ensures funds are used properly. This includes verifying that all spending supports allowable activities, occurs within the approved period, and aligns with financial and programmatic reporting standards. Any program income must be tracked separately and used according to grantor guidelines to maintain full accountability. Regular testing reinforces internal controls and strengthens overall grant management practices.
Documentation and Recordkeeping
Proper documentation is essential for audit readiness and securing future funding. It requires retaining records as per grantor guidelines, storing them securely with limited access, and maintaining a clear audit trail that links every expense to supporting documents and approvals. Strong documentation practices not only ensure compliance but also demonstrate financial integrity to funders.
Compliance with Federal and State Regulations
We ensure full adherence to federal and state-specific regulations to minimize the risk of non-compliance. For federal grants, we follow the OMB Uniform Guidance (2 CFR Part 200) at every step, ensuring consistent standards across all activities. We also verify compliance with Minnesota state regulations, including environmental, labor, and reporting requirements. This dual focus supports regulatory alignment and protects funding eligibility.
Internal Control Review
A strong internal control system protects grant funds and ensures compliance through clear separation of duties, active budget monitoring, proper documentation of expenses, and enforcement of conflict of interest policies. These controls reduce risk, support accurate reporting, and build trust with grantors and stakeholders. Ultimately, they help maintain the integrity and effectiveness of grant-funded programs.
Procurement and Subawards
Compliance in procurement and subawards is vital for effective grant management. Procurement practices must follow federal, state, and grantor rules, including fair and competitive bidding. Subrecipients should be closely monitored to ensure they meet performance and compliance standards. Vendor agreements must clearly define deliverables, payment terms, and regulatory obligations to avoid risks and ensure accountability.
Financial Reporting and Reconciliation
Clear and accurate reporting is key to maintaining transparency and accountability in grant management. This involves reconciling grant revenue with related expenses, ensuring financial statements match grant-specific records, and reviewing all accruals and liabilities for accuracy and alignment with the grant period.
Time and Effort Reporting
Accurate reporting of personnel time is crucial to ensure proper use of grant funds. This includes verifying effort certifications for grant-funded staff and confirming that timesheets and payroll records match actual time spent on grant activities. These controls support compliance, prevent misuse of funds, and strengthen audit readiness. Maintaining consistency in time tracking also builds trust with funders and reinforces accountability.
Reporting and Findings
Our reporting process captures key findings and provides clear recommendations for improvement. We document compliance issues and discrepancies by severity and risk, and develop a Corrective Action Plan (CAP) with specific steps, responsibilities, and timelines. The final audit report summarizes procedures and findings, offering actionable insights to promote transparency and strengthen compliance.