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Federally sponsored agreements | Higher education | Internal audit

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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

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Higher Education
  • Risk Advisory
  • Academic Medical Centers
  • Internal Audit
  • Regulatory Compliance

    • Tags

    higher education
    internal audit
    internal controls
    sponsored research
    uniform guidance

    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

    Related sections

    • Higher Education
    • Risk Advisory
    • Academic Medical Centers
    • Internal Audit
    • Regulatory Compliance

    Article Tags

    higher educationinternal auditinternal controlssponsored researchuniform guidance
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    Presenters and federally sponsored agreement specialists: 

    • Steve Tustin, Director, Risk Advisory
    • Charles Ciano, Senior Manager, Risk Advisory
    Let's connect

    Watch this 15-minute video for answers to these questions:

    Stone pillars on a government building
    • What are federally sponsored agreements and what is their relevance to higher education institutions?
    • What is the sponsored agreement life cycle?
    • How do internal controls and uniform guidance affect sponsored research management?
    • What are the five interrelated components identified by the COSO internal control framework and why are they vital in higher education?
    • What are the key provisions of uniform guidance?
    • What are the differences between direct and indirect costs in federally funded research?
    • What are the audit requirements for federally sponsored agreements?
    • What are the risks and penalties of non-compliance with sponsored agreement regulations?
    • Why is internal audit important to sponsored agreements?
    Questions of your own? Contact us!

    Baker Tilly can help

    Is your institution new to federally sponsored agreements or looking to refine its sponsored research processes? Baker Tilly can support you with a range of assessments, compliance program development and implementation and internal audit services. Contact our higher education specialists today to learn more.

    Connect with our team

    Higher education internal audit back-to-basics

    This is the eighth and final video in our series. Explore the previous seven episodes on procurement risks, student accounts and financial aid, gifts and advancement, data analytics, HR and payroll compliance, cybersecurity and construction risk management.

    Higher education procurement: internal audit back-to-basics​ video series

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    First video in Baker Tilly's internal audit series defines internal control and higher education procurement risks, while highlighting key components of the procurement cycle.

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    The second episode of our higher education video series focuses on student accounts, highlighting key risks associated with financial aid and audit approach.

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    Third episode of our internal audit back-to-basics video series discusses higher education donations and the gift management life cycle, highlighting key risks and best practices.

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    Fifth episode of our internal audit series reviews key HR in higher education functions, highlighting risks and compliance challenges.

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    Questions? Contact our team.
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    Higher education internal audit: Going back-to-basics for effective risk management and compliance

    Bookmark this resource for easy access to all eight episodes in Baker Tilly's video series for college and university auditors.

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    Internal audit resources for higher education

    Navigate your institution's risk roadblocks with actionable insights from our frequently updated resource center.

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