Maxwell Locke & Ritter recently hosted the second installment of our nonprofit webinar series, designed to help nonprofit leaders, grant recipients, and finance teams navigate the evolving single audit landscape. The session focused on key updates to Uniform Guidance requirements, common deficiencies identified during audits, and practical strategies for improving grant compliance and communication with funding agencies.
Key Topics Covered
Single Audit and Uniform Guidance Updates
Speakers Jimmy Romell, CPA, Audit Partner, and Veronica Lomas Day, CPA, Audit Senior Associate, opened the session with an overview of the latest changes to Uniform Guidance and how these updates may impact audit preparation. They discussed the importance of early planning and coordination between finance teams and auditors to ensure that new requirements are addressed proactively.
Common Audit Deficiencies
The presenters shared insights into the most frequent findings identified during recent single audits, emphasizing the areas where nonprofits most often encounter compliance challenges. They provided actionable guidance on internal controls, documentation practices, and grant management processes that can help organizations strengthen their audit readiness and minimize risk.
Effective Grantor Communication
A key takeaway from the session was the value of maintaining open and transparent communication with funding agencies. The speakers highlighted strategies for engaging with grantors before, during, and after the audit process to build trust, resolve questions efficiently, and demonstrate accountability.
Want to revisit the key takeaways? You can download the full slide deck from the presentation below.
