If you have received federal funds, then you may. As federal grant programs have increased in both number and complexity in recent years and related scrutiny has intensified, so has the need for transparency and accountability to ensure organizations use grant funds appropriately. As with other types of financial audits, grant audits, also known as compliance or program-specific audits, not only help ensure compliance and mitigate risk, but they are also critical to instilling stakeholder confidence and protecting your company’s reputation. Entities that have received federal grant funding may be required to have a grant audit in accordance with Government Auditing Standards (the Yellow Book). Preparation beforehand and an audit team experienced in grant audits will be key to an efficient process and minimal disruption to your company.
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