Auditors and comptrollers play a vital role in the grant management process—ensuring financial information is accurately reported and risks are reduced. But, without accurate data that is easily accessible, their job can be hard to complete.
Below, we overview common auditor challenges, key benefits of grant software and specific features that may appeal to your auditor.
Common Auditor Challenges
Auditors face a variety of challenges when it comes to grant management. Many result from inaccurate grant data or insufficient grantor reporting. Key pain points include:
- Poor data quality and/or lack of data consistency due to manual entry and processes at audited organizations.
- Dishonesty of those submitting or reviewing financial expenses.
- Lack of compliance with evolving federal regulations, such as OMB Uniform Grant Guidance and the DATA Act.
- Insufficient internal controls at audited organizations to prevent waste, fraud or abuse of money.
- Poorly constructed or missing grant performance management systems.
The above challenges can make it difficult for auditors to efficiently complete their job duties. With the right technology, though, these issues can be lessened.
Key Grant Software Benefits for Auditors
When grant managers utilize grant management software, they can relieve many of the above pain points, increasing the likelihood of a clean audit. At a high level, grant management solutions help organize data, resulting in:
- Standardized internal grant management and expense tracking processes.
- Identification of fund misuse or poorly performing programs for remediation.
- Clear audit trail for traceability into how funds are used, managed and reported.
- Improved compliance with grant agreements and federal regulations.
- Better activity, spend and performance reporting.
- Centralized grant data and documentation, leading to reduced audit findings and fewer questioned costs.
Organized data and processes make it easier for auditors to fact check spend and performance information, and pinpoint areas where waste, fraud or abuse may abound.
Top Grant Software Features for Auditors
So now that you know your auditor’s challenges and how grant management software can alleviate them, let’s look at some specific features auditors may find appealing. All of the below help keep grant data accurate, compliant, timely and clean:
- Audit logs document all activity within your grant software portal, including the action taken, who performed it and when. This way, if suspicious activity is detected, the auditor can pinpoint when and how things went awry.
- Automated reporting of budget, performance, Time and Effort, grant portfolio analyses, OMB A-133 and outcome evaluations guarantees auditors have the data needed to properly assess spend, performance and compliance.
- Centralized document management ensures vendor invoices, cancelled checks, travel logs, timesheets and other necessary documentation is easily accessible.
- Timestamps allow auditors to see when specific tasks were performed.
- User roles and permissions provide insight as to who has access to certain documents, data and grant management activities. This information can be helpful to auditors as they review your organization’s internal controls.
The above features are just a few examples of how grant managers can use software to monitor the grants lifecycle, decrease time spent on audits, demonstrate effective budget and performance management, and better answer questions on how funds are spent. Make your auditor’s job easier with more organized information and processes.
Learn how else your auditor can benefit from grant software. Schedule a demo today!