For-Profit Entities With Federal Funding: Auditor Considerations: Rebroadcast

Your for-profit entity client has received federal funds -- now what?

This Governmental Audit Quality Center webcast addresses auditors' challenges when their for-profit clients receive federal funding.

In recent years, there has been a steady increase in federal funding awarded to for-profit entities, either directly or through pass-through entities. Both the for-profits and their auditors often struggle in identifying the audit requirements tied to federal funding, especially because the Uniform Guidance does not apply to for-profit entities. Although some federal agencies have issued audit guidance for for-profits, many have not, leading to ambiguity about the type of engagement required.

This event will feature insights from auditors who have dealt with these challenges in their firms and will address common questions.

Participants in this session will learn about:

• Existing federal for-profit audit guidance and how to manage outdated guidance
• The importance of early involvement with for-profits, before agreements are signed
• Best practices for handling unclear audit requirements
• Strategies for managing federal funding from multiple agencies or pass-through entities
• Additional tips for navigating the audit process

Key Topics

• For-profit entities
• For-profit compliance audit requirements
• Sources of funding to for-profits
• Agency for-profit guidance

Learning Outcomes

• Distinguish typical challenges encountered with auditing for-profits with federal awards.
• Apply best practices for addressing a lack of clarity around audit requirements.
• Determine which federal agencies have issued for-profit audit guidance.

Who Will Benefit

Auditors performing audits of for-profit recipients of federal funds