This interactive module provides participants with a practical understanding of how grants are recognized, recorded, and presented in governmental financial statements, with a focus on connecting grant-related risks to appropriate audit responses.

Participants will explore key concepts related to grant revenue, including the distinctions among revenue, unavailable revenue, and unearned revenue, as well as how grants and related accounts are reflected in governmental financial statements. Through instructor-led discussion, group activities, case studies, and applied exercises, learners will examine the key questions auditors should ask when evaluating grant activity and identifying potential areas of risk.

The module then shifts from recognition to audit application, focusing on the key risks associated with grant revenue and related accounts. Participants will connect those risks to appropriate audit procedures, using case studies and interactive activities to evaluate potential responses. By the end of the module, learners will apply the concepts to their own engagements and develop audit procedures designed to address grant-specific risks.