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Participants will learn about auditee's having to implement the numerous provisions contained within OMB's Uniform Guidance for Federal Awards. While auditees need to be focused on these new requirements, auditors also need to gain an understanding of them as ultimately they will be auditing clients' compliance with the new requirements. The session will cover: • The key changes to the new "combined" cost principles and administrative requirements; • A more principles based approach to time and effort reporting and the challenges that may result; • Which types of entities will likely need to make more significant changes to their procurement processes; • New expectations for sub recipient monitoring.
