This Governmental Audit Quality Center (GAQC) archived Web event titled, Auditing For-Profit Entities Receiving Provider Relief Funds and Other Health and Human Services (HHS) Awards, held on Thursday, January 20, 2022, provides information on auditing for-profit entities that received Provider Relief Funds (PRF) and other HHS awards. The COVID-19 pandemic has resulted in an influx of HHS funding to for-profit hospitals and other for-profit healthcare providers, and many of these entities are subject to HHS audit requirements which include options for either a single audit (or program-specific audit) or a financial audit under Government Auditing Standards. For many for-profit entities, the December 31, 2021, year-end will be the first time the HHS audit requirements become effective. Topics covered include:
The types of for-profit entities subject to the HHS audit requirements and what the HHS requirements entail;
A deeper dive into the financial audit option including an illustrative schedule and related notes that clients could prepare, as well as the appropriate auditor reporting;
Other audit performance considerations; and
Best practices, tips; and resources.