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

2. 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.

3. 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.

4. 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

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

6. Questions for OSP