Explore the comprehensive Grant Audit CPA Workpaper Template, designed to facilitate thorough grant reviews, ensure compliance, and streamline audit processes.
1
Understand the grant guidelines and parameters
2
Identify Grant Project administrator
3
Gather financial statements
4
Ensure all supporting documentation is attached
5
Categorise revenues and expenses properly
6
Complete audit checklist by CPA
7
Review compliance with grant agreements
8
Inspect internal controls policies and procedures
9
Perform substantive tests for grant expenses
10
Approval: Substantive tests results
11
Prepare schedule of findings and questioned costs
12
Discuss the draft audit findings with project administrator
13
Approval: Draft Findings
14
Prepare preliminary audit workpaper
15
Approval: Preliminary Workpaper
16
Review and compile audit evidence
17
Prepare final audit findings report
18
Approval: Final Audit Findings Report
19
Submit final audit workpaper to the grantor
20
Keep a digital copy of the completed audit workpaper
Understand the grant guidelines and parameters
This task is crucial for gaining a clear understanding of the grant guidelines and parameters. It sets the foundation for the entire audit process. By comprehending the requirements, limitations, and expectations of the grant, we can ensure that our work aligns with the grantor's intentions. To complete this task, review the grant documentation provided by the grantor. Pay attention to the eligibility criteria, funding restrictions, reporting obligations, and any other relevant information. If you encounter any unclear or ambiguous points, reach out to the grantor for clarification. Remember to document the key guidelines and parameters in the form field below to refer back to throughout the audit process.
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Research
2
Community Development
3
Education
4
Healthcare
5
Art/Culture
Identify Grant Project administrator
The Grant Project administrator plays a crucial role in the grant management process. By identifying the appropriate person responsible for overseeing the grant project, we can ensure effective communication and collaboration throughout the audit. To complete this task, reach out to the relevant department or organization administering the grant. Request information about the Grant Project administrator. If there is any uncertainty or confusion, utilize the subtasks field to document the steps taken and the challenges faced. Remember to record the contact details of the Grant Project administrator in the members field below.
Gather financial statements
Gathering the financial statements is an essential step in the grant audit process. The financial statements provide an overview of the organization's financial position, performance, and cash flows. Analyzing these statements allows us to assess the eligibility and appropriateness of grant expenses. To complete this task, request the financial statements from the organization that received the grant. This may include the balance sheet, income statement, and cash flow statement. Ensure that all the necessary documents are collected and organized in the correct order. Remember to upload the financial statements using the fileUpload field below.
Ensure all supporting documentation is attached
Supporting documentation is essential in providing evidence for the accuracy and validity of the grant expenses. By ensuring that all relevant supporting documents are attached, we can confidently analyze the financial transactions and their compliance with grant requirements. To complete this task, gather all supporting documents related to the grant expenses. This may include invoices, receipts, contracts, and any other relevant paperwork. Verify that all documents are complete, legible, and clearly aligned with the financial transactions. Remember to upload the supporting documents using the fileUpload field below.
Categorise revenues and expenses properly
Proper categorization of revenues and expenses is essential for accurate financial reporting and compliance with grant guidelines. It allows us to analyze the allocation of funds and identify any potential misclassifications or errors. To complete this task, carefully review the financial transactions and categorize them according to the relevant revenue and expense categories. Pay attention to any specific guidelines provided by the grantor and ensure consistency in categorization. Remember to utilize the multiChoice field below to select the appropriate revenue and expense categories for each transaction.
1
Grants
2
Donations
3
Program Income
4
Investment Income
5
Other
1
Salaries and Wages
2
Professional Fees
3
Supplies
4
Travel Expenses
5
Rent
Complete audit checklist by CPA
Completing the audit checklist is a crucial step in ensuring that all necessary procedures and tasks are covered during the grant audit. It provides a systematic guide for the Certified Public Accountant (CPA) conducting the audit. To complete this task, the CPA should review the provided audit checklist and ensure that each item is addressed. Any deviations, exceptions, or additional comments should be included in the relevant form fields. Remember to utilize the subtasks field to check off each item on the audit checklist.
Review compliance with grant agreements
Reviewing compliance with grant agreements is crucial to ensure adherence to the terms and conditions set forth in the grant. This task evaluates whether the grant project is meeting the agreed-upon obligations. The desired result is a clear understanding of the project's compliance status. What are the key compliance criteria? How can any non-compliance issues be resolved?
1
Compliant
2
Partially compliant
3
Non-compliant
Inspect internal controls policies and procedures
Perform substantive tests for grant expenses
Approval: Substantive tests results
Will be submitted for approval:
Perform substantive tests for grant expenses
Will be submitted
Prepare schedule of findings and questioned costs
Discuss the draft audit findings with project administrator
Approval: Draft Findings
Will be submitted for approval:
Discuss the draft audit findings with project administrator
Will be submitted
Prepare preliminary audit workpaper
Approval: Preliminary Workpaper
Will be submitted for approval:
Prepare preliminary audit workpaper
Will be submitted
Review and compile audit evidence
Prepare final audit findings report
Approval: Final Audit Findings Report
Will be submitted for approval:
Prepare final audit findings report
Will be submitted
Submit final audit workpaper to the grantor
Keep a digital copy of the completed audit workpaper
