We have good news and bad news. The bad news is that you will, at some point, be audited.
The good news is that you can count on the experts at Jameson to help.
IS YOUR GRANT SUBJECT TO AUDIT?
NIH Grants Subject to OMB Uniform Guidance Audit: If an NIH awardee has annual revenue from grants that exceeds $750,000 then it is subject to an annual OMB 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 DoE financial assistance awards of $750,000 or more, a DoE program-specific audit is required. This audit is very similar to an NIH OMB Uniform Guidance audit and includes compliance tests, tests of internal controls, and audit follow-up on prior audit findings. The DoE audit report is due nine months after the recipient’s fiscal year end.
THE JAMESON GRANT AUDIT SOLUTION
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 100% 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.
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 thorough analysis of your system and correct any flaws, then we’ll find a qualified auditor to perform your grant audit, and will represent you during the audit process.