Key insights
- Federal Funding Accountability and Transparency Act (FFATA) reporting is required for all entities receiving federal funds over certain thresholds, but it can be complex and difficult to navigate.
- FFATA reporting findings are the most common single audit report finding, but there are strategies to improve your organization's reporting.
- Early identification of FFATA compliance gaps can help reduce the number of issues on your single audit report.
Seeking easier, more accurate FFATA reporting?
Federal Funding Accountability and Transparency Act (FFATA) reporting is required for all entities receiving federal funds over certain thresholds.
FFATA reporting can be complex and difficult to navigate. It can be such a challenge that FFATA reporting findings are the most common single audit report finding.
The good news is there are strategies to make reporting easier and reduce the impact FFATA reporting issues have on your single audit report. Discover some options for your organization to consider.
The challenges with FFATA reporting
There are several reasons FFATA reporting findings are the most common single audit report finding. They include:
- Limited guidance on how reports should be submitted through the FFATA Subaward Reporting System (FSRS) portal,
- Usability of FSRS system, and
- The lack of resources to keep up with reporting as awards are executed.
FFATA requires direct recipients to report initial first-tier subawards of $30,000 or more to FSRS against a prime award already reported by the federal government. Then, any subaward amendments or de-obligations should be reported as detailed below.
Unfortunately, the current FSRS system makes it nearly impossible to summarize the report submissions a program has executed. For your data to be correct and accurate, you may want to engage a professional services firm to summarize your submission data using the USASpending.gov portal and compare the information queries against your executed subawards, including a summary of issues identified and your reporting status.
How reconciliation helps with FFATA reporting risk management
There are strategies to reduce the impact FFATA reporting issues have on your single audit report. It’s recommended your auditor use the chart below to assess compliance with the standards. Using reconciliation can help reduce the number of subawards not reported, with incorrect amounts, or missing key elements.
| Transactions tested | Subaward not reported | Report not timely | Subaward amount incorrect | Subaward missing key elements |
| 0 | 0 | 0 | 0 | 0 |
| Dollar amount of tested transactions | Subaward not reported | Report not timely | Subaward amount incorrect | Subaward missing key elements |
| $0 | $0 | $0 | $0 | $0 |
The FSRS system was not designed to be reconciled against your executed grant awards, but it’s possible. Early identification of compliance gaps can help reduce the number of issues on your single audit report.
How CLA can help with FFATA reporting
CLA's grant compliance service team can provide you with a streamlined documentation method, easing the burden of preparing for your FFATA reporting requirements. Our professionals help you interpret and navigate compliance requirements so your FFATA reporting is accurate and complete.
Our grant compliance service team can also reconcile your grant awards to FSRS as detailed above so the reported submissions are accurate and complete.
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