Sponsored agreements funded with public money (federal, state, and local government awards; subcontracts under government prime grants and contracts) are subject to review of all project activity (program and financial) by auditors. Sponsors mandate that the terms and conditions of the awards as well as all pertinent regulations governing sponsored projects are complied with before, during and at the termination of the award. The sponsors also require that CUNY has processes and policies in place to deter any fraud, waste and abuse.
Maintaining compliance with the rules and regulations applicable to the federal research funding received by the University is of great importance to CUNY.
Types of audits include:
- Operational/Process Audit: This type of audit evaluates the College or School’s processes, procedures, and associated internal control activities to determine how they impact the attainment of the University’s organizational goals and objectives.
- Financial Audit: This type of audit involves reviewing The Research Foundation’s records and reports in order to determine if financial transactions are properly recorded in its financial accounting and reporting system.
- Compliance Audit: This type of audit involves verification of whether a College or School is in compliance with established guidelines (policies, procedures, laws, regulations). These would include adherence to the University’s internal policies and procedures as well as external requirements from federal/state agencies.
- Investigative Audit: This type of audit is usually requested by University management, external parties, or as a result of an anonymous report from The Research Foundation’s Whistleblower Hotline or CUNY’s Research Compliance Office.
- Follow-up Audits: This type of audit is to determine that previous audit recommendations have been implemented. These audits may be scheduled between 90 and 180 days after issuance of the final report depending on the significance of the findings.