We hear from our members that staff performing single audits are sometimes mystified about indirect costs, indirect cost rates, and the related audit procedures in these areas. Therefore, the purpose of this archived GAQC Web event is to help shed some light on this topic by providing an overview of the indirect cost rates that must be tested by auditors as part of a single audit under Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (Circular A-133). Walking you through this complex topic are two very capable presenters. Alex Weekes specializes in assisting clients with optimizing direct and indirect cost reimbursement while minimizing compliance risk and Kim McCormick has 25 years of experience performing single audits.
About the Web Event
Many organizations subject to Circular A-133 must engage in the process of negotiating federal indirect cost rates or allocating and billing indirect costs to state and federal sponsors. These indirect costs can represent a significant portion of the reimbursed grant dollars from state and federal agencies. Therefore, auditors need to clearly understand the process for negotiating indirect cost rates and allocating/billing indirect costs to better serve your clients and mitigate audit risk.
Specifically this GAQC Web event will provide participants:
- An overview of the OMB cost circulars and related OMB Compliance Supplement guidance;
- A discussion of the most common allocation methodologies and types of rates;
- A discussion on internal controls over indirect costs;
- Information about the most common areas of concern; and
- Opportunities to ask questions.
About the Presenters
Kim McCormick, CPA, is a partner with Grant Thornton, LLP in the San Francisco Bay Area. She has over 25 years of experience working with all types of not-for-profit organizations and currently serves as an audit partner for several colleges and universities, religious organizations, museums, foundations, social service organizations and many other organizations subject to Circular A-133. Kim serves on the planning committees for the AICPA’s Not-For-Profit Financial Executive Forum and National Governmental Accounting and Auditing Conference. She previously served on the Executive Committee of the AICPA's Governmental Audit Quality Center.
Alex Weekes, CPA, is a Principal in ML Weekes & Company, PC, located in Stamford, Connecticut. For over twenty years, he has provided a variety of services to assist clients nationwide who receive grants and contracts from federal agencies. He has extensive experience with federal regulations and has specialized in assisting clients with optimizing direct and indirect cost reimbursement while minimizing compliance risk. His services include the preparation and analysis of indirect cost rates and the negotiation of these rates with government representatives. He began his career with the Defense Contract Audit Agency and spent eight years with Ernst & Young, LLP before co-founding ML Weekes & Company, PC.
Archived Web Event Listening Instructions
You should print out and have available, Understanding Indirect Cost Rates: A Primer for Auditors Performing Single Audits – Member Web Event Slides (PDF or PowerPoint).
The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.
Thank you for your interest in this GAQC Event.
Click on the below link, to listen to the archived Web event: