A large university was challenged to develop, and maintain in-house, the specialized skill sets related to sponsored research compliance, construction project risk management, and technology risk. The institution wanted access to best practices, proven methodologies, and highly-trained professionals to supplement its internal audit resources with key subject matter expertise in these areas, while also benefitting from knowledge transfer to its in-house internal auditors.
Baker Tilly solution
Baker Tilly’s experienced professionals teamed seamlessly with the institution’s internal audit department to develop and execute internal audit plans and report results in the areas of sponsored research compliance, construction project risk management, and technology risk. Specifically, our combined teams performed internal audits over effort reporting compliance, subrecipient monitoring, project-specific construction contractor billing compliance, information privacy, and information technology security.
The university’s internal audit function provided assurance and valuable recommendations in several complex areas. Existing internal audit personnel benefitted from the close collaboration with Baker Tilly subject matter specialists and the resulting knowledge transfer. The Board of Trustees and management gained comfort from knowing that the university’s high risk areas were receiving attention from professionals who perform work in these same areas at other institutions.