The federal government provides a majority of the funding that institutions and hospitals receive in support of various types of research. Organizations, as stewards of federal dollars (i.e., taxpayer dollars), are required to comply with myriad regulations governing how sponsored research monies may be expended.
The consequences for noncompliance with federal regulations as well as agency and award terms and conditions can be severe. Therefore, it is essential that organizations develop good oversight and monitoring practices to mitigate the risk of noncompliance. These organizations also need assurance that their system of internal controls is working properly.