Case study: budget monitoring in action
A higher education institution engaged Baker Tilly to review its internal controls and processes in place to support their sponsored research activities.
Baker Tilly solution
The team reviewed the institution’s existing policies and procedural documentation and interviewed key personnel to understand the approach undertaken to stay in compliance with federal and institutional requirements. Additionally, our team performed testing by obtaining and reviewing supporting documentation to assess compliance with sponsor terms and conditions as well as the institution’s protocols for high-risk areas, such as salary charging and effort-reporting, cost charging and allocation and procurement.
Our team identified that the institution was not monitoring funds efficiently and tracking actual costs against what originally was budgeted for. Among other findings as part of this review, the institution did not have a robust effort reporting and subrecipient monitoring process. Our team provided guidance on revamping their processes and strengthening internal controls, which would allow them to create a more efficient and reliable budget monitoring process.
For more information on budget monitoring, or to learn more about how Baker Tilly’s higher education internal audit specialists can help your institution, contact our team.