Module Overview: Module 7, Audit Requirements Overview, provides an in-depth exploration of the audit standards and procedures essential for grantees under IDHS. Participants will learn about the different types of audits, including single audits and program-specific audits, based on their organization type and federal funding thresholds. The module emphasizes the importance of preparing accurate financial statements, selecting qualified auditors, and complying with Generally Accepted Government Auditing Standards (GAGAS) or Generally Accepted Auditing Standards (GAAS). By the end of this module, participants will understand their audit obligations, how to facilitate audit processes, and the significance of corrective action plans to address audit findings effectively.

Key Lesson Concepts:

• Differentiating between single audits and program-specific audits.
• Responsibilities of grantee organizations in audit preparation and facilitation.
• Implementing corrective action plans to address audit findings and improve compliance.