Course 2: Policies and Procedures for Federal Award Administration: The Tools of the Trade

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 award recipients and subrecipients 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. The proper deployment of these controls is crucial for preventing fraud, waste, and abuse from occurring or detecting these issues once they have occurred. 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 controls.

Learning Objectives:

• • Review the guiding Principles of Internal Controls
• • Discuss key requirements in 2 CFR 200
• • Define preventative vs detective controls
• • Review how to achieve proper segregation of duties
• • Review common control activities related to high-risk areas