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Exhibit 7-20 Guide for Review of Financial Management

Exhibit 7-20 Guide for Review of Financial Management 2025

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The document is a guide for reviewing the financial management of Participating Jurisdictions (PJs) under the HOME Program. It outlines compliance requirements with federal regulations, including financial management systems, cash management practices, internal controls, accuracy of reporting, program income, salaries and wages, indirect costs, and audits as per OMB Circular A-133. The guide includes specific questions to assess adherence to these requirements and provides a structured approach for reviewers to evaluate the financial practices of PJs.

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Who can do a financial review?

Finances should be reviewed annually by an audit committee that consists of two or more individuals who do not routinely handle the organizations finances, such as by being a signatory on the accounts.

What are the three types of financial reviews?

This report can be one of three types: Audit report, Review report, Compilation report. The type of report is determined by mutual agreement between the client and the CPA.

Who can perform a financial statement review?

A financial statement review is a type of engagement conducted by an accountant to perform analytical procedures, inquiries, and other procedures to obtain a limited assurance about the financial statements.

What is a financial management review?

Financial reviews are conducted to ensure compliance with Cost Accounting Standards and Uniform Guidance. The types of financial management reviews that the Research Quality Assurance team have reviewed include: Cost Transfers and Post PAR Documents.

What are the pillars of financial management?

The four key pillars you need for your businesss finances are: Personal Financial Planning. Business Financial Coaching/Consulting. Accounting/Bookkeeping.

How do you conduct a financial review?

Heres how: Review monthly income from all sources. Review monthly expenses and spending. Balance your budget. Insurance review. Education review. Tax review. Estate planning review. You can do this.

What are the components of a financial review?

The key components of a financial review include financial statements, cash flow analysis, budgeting and forecasting, ratio analysis, and risk assessment. By analyzing these components, you can gain a holistic view of your businesss financial health and make informed decisions to drive growth and success.

Exhibit 7-20 Guide for Review of Financial Management 2025

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