As recipients of federally sponsored awards, principal investigators (PIs) and institutions must follow many compliance requirements. A reliable system of internal controls is necessary to preclude possible noncompliance with regulations that carry the potential for fines and loss of current and future funding.
Effective testing and process reviews by internal audit can help assure your organization's leadership regarding the integrity of the system of internal controls. Before post-award monitoring and review occurs, it is necessary to consider the risks present in the pre-award phase of the award lifecycle.
Here we look at the award lifecycle and highlight those activities that present risk before an institution receives funding, and ways that internal audit can provide support.