UG for Federal Awards: The New Cost Principles Other Requirements

This Governmental Audit Quality Center (GAQC) archived Web event is intended to provide auditors and auditees with an understanding of some of the key changes to the cost principles and certain other administrative requirements that will result upon the effective date of the U.S. Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance for Federal Awards). Additionally, the event will discuss related questions and answers on these topics contained in the recently released Council on Financial Assistance Reform (COFAR) frequently asked questions (FAQ) document titled, Frequently Asked Questions For The Office of Management and Budget's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards At 2 CFR 200.

About the Event

Participants will learn about auditee's having to implement the numerous provisions contained within OMB's Uniform Guidance for Federal Awards. While auditees need to be highly focused on these new requirements, auditors also need to gain an understanding of them as ultimately they will be auditing clients' compliance with the new requirements. Specifically, the following topics will be addressed: 

  • The key changes to the new "combined" cost principles;
  • A more principles based approach to time and effort reporting and the challenges that may result;
  • Which types of entities will likely need to make more significant changes to their procurement processes;
  • Other key administrative requirement changes; Relevant questions contained in COFAR's recently issued FAQ document; and
  • How the effective dates in the Uniform Guidance will play out.

About the Presenters

Kimberly McCormick, CPA, is a partner with Grant Thornton, LLP in the San Francisco Bay Area. She has over 27 years of experience working with all types of not-for-profit organizations and governments and currently serves as an audit partner for several colleges and universities, religious organizations, museums, foundations, social service organizations and many organizations subject to single audit requirements. Kim previously served on the Executive Committee of the GAQC and currently serves on the planning committee for the AICPA's National Governmental Accounting and Auditing Update conference.

Emlyn Neuman-Javornik, CPA, is a Senior Manager in Crowe Horwath's Performance Group in Washington, DC. Emy has 22 years of experience in governmental auditing, consulting, and forensic accounting. Her experience includes state, local and federal governments and not-for-profit organizations. Currently, Emy manages cost incurred audits on behalf of the Special Inspector General for Afghanistan Reconstruction for grants, contracts, and cooperative agreements provided to organizations to assist in the rebuilding of Afghanistan. She has also provided training to various organizations on the new Uniform Guidance for Federal Awards, risk based monitoring, and ethics.

Archived Web Event Listening Instructions

You should print out and have available the, Uniform Guidance for Federal Awards: The New Cost Principles, Time and Effort Reporting, Procurement and Other Administrative Requirements – Member Web Event slides (PDF or PowerPoint).

Thank you for your interest in this GAQC Event.

Click on the below link, to listen to the archived Web event. There is no continuing professional education available when listening to an archived event.