Fall Forum 2023 | How to Support Grant Recipients Through a Robust Audit Plan-Video Recording

Video Transcription

Video Summary

In this session, Crystal Wolf from GuideHouse and Rahav Kailani from HUD discuss the development and benefits of an audit plan designed to support federal, state, and local grantees. The focus is on shifting audit preparation from a reactionary, back-end process to a proactive, front-end technical assistance approach. This plan aims to ensure grantees have strong internal controls, compliant processes, and risk management in place before funds are dispersed, reducing audit burdens later.<br /><br />They emphasize the importance of adhering to 2 CFR 200 regulations, particularly subparts related to post-award and audit requirements, and highlight the need for continuous risk assessments, fraud risk management, and effective communication channels for reporting potential fraud. Recognizing common challenges like rapid funding deployment and limited resources, they advocate for early engagement and alignment of policies, procedures, and monitoring systems throughout the funding lifecycle.<br /><br />Key audit focus areas include procurement integrity and information systems/reporting, ensuring systems communicate accurately to enable effective oversight. The presenters also explore the emerging role of AI and automation to streamline audits, improve real-time analysis, and increase efficiency, recommending starting small to demonstrate value.<br /><br />Overall, a well-structured audit plan fosters accountability, transparency, and trust, enabling grantees and grantors to collaborate effectively to achieve program objectives while minimizing risks and administrative burdens.

Keywords

audit plan

federal grantees

state grantees

local grantees

2 CFR 200 compliance

risk management

fraud risk management

procurement integrity

AI in audits