Program agenda:
- Understand the reasoning behind a financial audit
- Recognize various causes of a potential audit
- Identify red flags and key risk areas where auditors may focus
- Provide examples of audit results and strategies to prepare for a financial audit
With millions of dollars invested in research, industry sponsors need to ensure that all aspects of their projects are being managed with utmost care. In addition to scope of work, budgeting, and payment obligations, each project’s research agreement dictates specific requirements regarding financial management and reporting obligations.
During the lifespan of the research, there may be times where a financial “health check” or audit is requested. It could come by way of routine request, or the sponsor may be observing red flags warranting further investigation. In either case, an audit doesn’t have to be a frightening or adversarial exercise. In fact, audits provide an opportunity for both parties to uncover issues, concerns and challenges encountered in the execution of a project. It affords the project manager, project sponsor and research administration team an interim view of what has gone well and what needs to be improved with the project to ensure it is successfully completed.
We’ve tapped a team of experts from the accounting firm Baker Tilly to lead this one hour program that will demystify the audit process so that both parties can come away with valuable insight into the financial well-being of a research project.
In this critical and detailed session, we’ll discuss what may trigger a financial audit for a non-government sponsored award, identify audit focus areas and common risks, and define potential consequences and results of financial audits. This presentation will also provide Research Managers and Administrators with tips to prepare for a financial audit and how to react to audit findings.
