What's an institution audit?

An organization-wide examination carried out by an institution for expending federal funds and grants. The audit is typically performed by an independent body encompassing on the financial and compliance aspects. The objective is to provide assurance to the federal government about grants usage.

Use the Manage Institutions task in the Setup and Maintenance work area to specify the audit details for an institution. When you create an institution, select the Audits tab and specify the following details:

• Audit type

  Note: You can't add an audit type that's already associated to the institution for a specified date range.

• Program coverage details such as the sponsor, auditor, date range, and the report.

The auditor issues alerts if any gaps are found. The resolution official works through the alerts and resolves them.