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When Congress passed the Sarbanes-Oxley Act in 2002, it mandated publicly-traded businesses pay more attention to their internal controls. Many business owners and executives believed this was not only unnecessary, it was a complete waste of time and money.
Pre-award risk assessments are a relatively new phenomenon in the Federal Grants marketplace. Starting with the implementation of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, §200.205 Federal Awarding Agency Review of Risk Posed by Applicants, introduced us to the concept. The general idea is that an agency should consider the risk posed by potential grantees to the success of the Federal program.
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