What is the grant audit process?

What is the grant audit process?

The grant audit process involves reviewing financial records and compliance with grant requirements to ensure proper use of funds.

What are the key steps involved in this process?

Key steps include planning the audit, collecting documentation, conducting fieldwork, and reporting findings.

How often should grants be audited?

Grants should typically be audited annually, but the frequency can depend on the grantor's requirements and the amount of funding.

What are common issues found during grant audits?

Common issues include unallowable expenses, lack of documentation, and non-compliance with grant terms.

Can you recommend best practices for preparing for a grant audit?

Best practices include maintaining organized records, understanding grant requirements, and conducting internal reviews before the audit.