Finding Remediation

 

Audits may result in significant deficiencies, material weaknesses, or questioned costs.  There is a multitude of reasons for these findings including poorly performed year-end closeout procedures, lack of documentation, or poor communication with the audit team.  Our audit preparation team can help your organization prepare audit schedules, review documentation for accuracy before fulfilling audit requests, and advise on the proper close out of the financial records. 

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​Organizations who receive Federal grant awards are at risk for Single audit findings or questioned costs resulting from noncompliance with 2 CFR 200 (OMB Uniform Guidance).  Single audit findings can have a variety of negative responses from the Federal government including repayment of unallowable costs, withholding of Federal funding, and “high risk” classification which results in increased auditing, monitoring, and reporting requirements. 

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Our team can assist in responding to findings and development of corrective action for swift finding resolution.  We provide recommendations on how to anticipate Federal government and audit follow up to findings so your organization can demonstrate finding remediation and compliance with Federal requirements.  

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Additionally, our team can perform “pre-audit” walkthrough procedures to understand the processes in place surrounding the compliance requirement(s) in question.  We can determine if an internal control or compliance process lacks documentation or a necessary procedure and recommend changes for compliance.  We can provide continuous or periodic monitoring to ensure the processes put in place continue to operate as intended.