Tech Transfer Central

Financial Audits of Industry-Sponsored Research: What to Expect and How to Manage the Process

Format: On-Demand Video, DVD, or PDF Transcript
Originally presented: November 13, 2019

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With millions of dollars invested in research, industry sponsors need to ensure that all aspects of their projects are being managed with utmost care. In addition to scope of work, budgeting, and payment obligations, each project’s research agreement dictates specific requirements regarding financial management and reporting obligations. 

During the lifespan of the research, there may be times where a financial “health check” or audit is requested. It could come by way of routine request, or the sponsor may be observing red flags warranting further investigation. In either case, an audit doesn’t have to be a frightening or adversarial exercise. In fact, audits provide an opportunity for both parties to uncover issues, concerns and challenges encountered in the execution of a project. It affords the project manager, project sponsor and research administration team an interim view of what has gone well and what needs to be improved with the project to ensure it is successfully completed.

University-Industry Engagement Advisor has tapped a team of experts from the accounting firm Baker Tilly to lead this one hour program that will demystify the audit process so that both parties can come away with valuable insight into the financial well-being of a research project:

Financial Audits of Industry-Sponsored Research: What to Expect and How to Manage the Process

In this critical and detailed webinar, we’ll discuss what may trigger a financial audit for a non-government sponsored award, identify audit focus areas and common risks, and define potential consequences and results of financial audits. This presentation will also provide Research Managers and Administrators with tips to prepare for a financial audit and how to react to audit findings. Here is a look at the program agenda:

  • Understand the reasoning behind a financial audit
  • Recognize various causes of a potential audit
  • Identify red flags and key risk areas where auditors may focus
  • Provide examples of audit results and strategies to prepare for a financial audit

Your Team of Presenters:

Brynn Tomlinson

Brynn Tomlinson is a manager at Baker Tilly specializing in higher education risk and internal audit services. She has performed a variety of services for higher education institutions, research institutions, not-for-profit organizations, and national laboratories in the areas of sponsored research operations, including topics such as salary and labor charging, cost allowability, procurement, service centers, subrecipient monitoring, sponsor reporting, and award close-out. Brynn is also experienced in risk management, internal controls, quality assessment reviews, and financial and regulatory compliance with state, local, private, and industry sponsors. She also assesses processes and internal controls for compliance with various federal government regulations, including OMB A-123, Uniform Guidance, and the Sarbanes-Oxley Act. Brynn is a CPA and a Certified Fraud Examiner.

Kelsey ForemanKelsey Foreman is a senior consultant in the risk and internal audit and cybersecurity services practice at Baker Tilly. She specializes in cost allowability audits and various reviews for sponsored research. Kelsey’s experience includes assisting grant recipients with expenditure reviews, grants and contracts management assessments, and internal controls and processes reviews for areas such as human resources, procurement and payroll.

 

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