Course 2: Adequate Internal Controls for Federal Grants Management: Your First Line of  Defense

OMB continues to shine a spotlight on the adequacy of the Federal award recipient’s system of internal controls with the inclusion of a section dedicated to adequate internal controls within its annually issued Compliance Supplement. OMB expects all non-Federal entities to have a documented system of controls that provides reasonable assurance that Federal awards are being managed in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. In this session, we will discuss the basic principles of internal controls, the key requirements in 2 CFR 200, differences between preventative vs detective controls, proper segregation of duties, and common control activities related to high-risk areas in the organization.