Audit Realities
This topic deals with another aspect of the regulatory environment - that concerned with the management of project funding. Just as with the conduct of research, there are externally-imposed requirements on the individual researcher and on the institution related to the management of research funds. The Sections 14 - 19 focus on obligations to sponsors to maintain fiscal accountability and comply with regulations.
The objectives of good research management are twofold:
- to make best use of available funds to achieve research outcomes
- to avoid problems of fraud, waste and abuse of sponsor support.
Increasingly, requirements related to the use of federal funds create serious exposure for a institution and its individual PIs. One purpose of this presentation is to minimize that risk.
Audits focus today on the direct costs of research, including the thousands of individual transactions in which PIs authorize the expenditure of sponsor funds for salaries, supplies and other costs of research. Recent audits have highlighted particular areas where regulations and compliance are complex and sometimes difficult. Pay close attention to the issues addressed in Sections 14-19, and if you have any further questions, feel free to contact your Post Award Office.