Today’s rapidly changing business environment requires thinking about risk in new ways. Taking an innovative approach to managing and enhancing your governance, risk and compliance (GRC) activities can help you seize opportunities, stay a step ahead of uncertainty and meet stakeholder expectations.
Mildrid Esua, CPA, PLLC’s Compliance and Risk Management Solutions team can help you drive business performance and achieve success like no other. We can transform how you perceive—and capitalize on—risk.
By aligning your GRC activities to business performance drivers—with the right resources—you can transform your GRC program from a reactive, check-the-box exercise into a powerful tool able to anticipate and mitigate risk to drive business performance.
MECPA’s compliance and ethics solutions professionals help businesses bake compliance and ethics right into their initiatives rather than simply sprinkling on a few controls after the fact
DOES MY NONPROFIT NEED A COMPLIANCE AUDIT?
Currently, all nonprofits that expend $750,000 or more of federal grant funds during a fiscal year require an audit to be conducted according to The Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly called “Uniform Guidance”). The Uniform Guidance – a “government-wide framework for grants management” – is an authoritative set of rules and requirements for Federal awards that synthesizes and supersedes guidance from earlier OMB circulars, such as OMB Circular A-133. This type of compliance audit is referred to as a “Single Audit.”
Your nonprofit may be subject to a compliance audit even if it doesn’t meet the threshold of $750,000 in federal grant spending. Some of the nonprofits we work with have a requirement in grant agreements have an audit conducted according to Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the “Yellow Book.”
WHAT IS THE COST OF A COMPLIANCE AUDIT?
A compliance audit conducted by Mildrid Esua is done concurrently with the audit of the financial statements. The compliance audit requires additional time and so the cost of the audit typically increases by at least $1,500.
Governance and oversight (at the board level)
Improve board effectiveness-Set the right tone and make effective decisions
Assess and implement ethics programs, training, change management, anti-fraud programs and monitoring/reporting
Enterprise Risk Management
Strategic risk management: creating and protecting value from strategic risks
Design, implement and maintain a common risk infrastructure by leveraging people, process and technology transformation opportunities
Establish organization-wide consistency while simultaneously addressing different and unique functional needs
Identify, measure, manage, monitor, review and report on risks
Integrate activities to effectively manage risk and compliance-related activities