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Federally sponsored agreements

Higher education internal audit back-to-basics video series

Dec. 12, 2024 · Authored by Steve Tustin, Charles Ciano

Explore federally sponsored agreements within higher education institutions.

Our risk advisory specialists outline the essential principles of sponsored agreements, underscoring the critical role of internal controls and uniform guidance in effectively managing federally funded awards.

This video provides a comprehensive overview of how internal audit serves as a powerful tool for colleges and universities to review policies and procedures, test workflows, educate administrators and mitigate risks, ensuring adherence to federal regulations and preparing for potential audits by sponsored agreement funders.

The video highlights the following: 

• Sponsored agreements: Characteristics of sponsored agreements and the importance of navigating federally sponsored agreements, including grants, contracts and cooperative agreements, along with their compliance requirements
• Internal control framework: The need for effective internal controls to comply with sponsor regulations throughout an agreement’s life cycle, including documentation, certifications and financial reporting
• Uniform guidance: Overview of the higher education regulatory environment, with a focus on the importance of creating policies and procedures that align with federal regulations under uniform guidance
• Regulatory compliance: Key provisions of uniform guidance, including pre- and post-federal award requirements, cost principles and audit requirements
• Risk of noncompliance: Risks associated with noncompliance, such as repayments, fines, suspension from future grant participation and damage to reputation, can significantly impact an institution and reinforce why higher education institutions should conduct internal audits of federally sponsored agreements