1. Internal Audit ARRA Audit

2. Background Internal Audit is aware that sometime during 2010 / 2011: – NSF OIG and SAO will conduct audits related to ARRA. As such we have included ARRA in our annual audit plan.

3. ARRA Preliminary Audit Objective To determine whether the University’s system of internal controls are adequate to provide reasonable assurance that ARRA funds are administered in accordance with OMB and sponsor regulations.

4. ARRA Preliminary Audit Objectives Specifically: – ARRA funds are separately tracked and properly accounted for in the University system – The University’s ARRA reporting is in compliance with OMB and sponsor guidance – ARRA funds are used in a timely manner – ARRA funds are used in accordance with OMB Circular A-21

5. Audit Scope Review of controls at central offices (FM, OSP, HR) and depts. Emphasis will be on research grants/contracts Areas that could be audited at the depts. are: – Allowability of costs – Subrecipient monitoring – Cost transfers/JVs – Cost sharing – Supplanting – Reporting List of departments have not yet been determined – Internal Audit will complete data analysis to determine which departments to review