Coffee with Office of Sponsored Programs March 3, 2009 Topic: Preparing for an Audit

Purpose of an Audit Audits are intended to determine whether or not the area under review is following prudent business and administrative practices consistent with the mission of the organization, official policies and bylaws of the University, and the laws or requirements of external authorities, as may be applicable.

Purpose of an Audit When issues are taken seriously by both management and support personnel, and practices are actively carried out in daily work routines, audit results invariably conclude there is a strong internal control environment in place. The benefit of an effective internal control environment in the University's administrative and support functions is an integral part of maintaining a sound financial position.

Area of Review Award Setup Subrecipient Monitoring Direct Costs Cost Share Cost Transfers Effort Reporting Cash Management Program Income Equipment and Real Property Management Award Closeout Procurement-Suspension-Debarment

Internal Audit PricewaterhouseCoopers Team Date Departments Samples and Interviews Report and Management Response

Questions for OSP