Alan Stein, Director of Audit and Accounting Services at GSG, discusses how commercial recipients of Provider Relief Funds (PRF) and what meeting audit requirements under the CARES Act actually means.
Current U.S. Department of Health and Human Services (HHS) regulations impose an external audit requirement on commercial recipients of provider relief funds (PRF) under the CARES Act. If affected, organizations would need to contract with a CPA firm to perform the required audit.
Here are key highlights from this podcast interview:
- About Provider Relief Funds. (:35)
- About the single-audit requirements for care facilities. (2:28)
- How commercial care facilities can meet these requirements. (4:30)
- How GSG can help care facilities meet the PRF audit requirements. (5:38)
- Future government oversight aimed at for-profit entities. (6:50)
Many of these policies become more clear with time as information is added to official documents. It’s important to have a tax professional that you trust who can walk you through some of the more complicated and ever-changing requirements. At GSG we provide you with the tools you need to navigate some of these waters yourself, and we welcome you to get in touch if you need some extra guidance.
If your care facility needs assistance in meeting the PRF audit requirements, please contact us here.
Categories: Podcast, Tax, Audit & Accounting
