Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Reports topic
No spam. Unsubscribe anytime.
Internal audit reports on post-award monitoring, non-grant expenditures and purchase-card process presented and approved
Summary
Internal audit staff presented three reports (post-award grant monitoring, non-grant expenditures and a purchase-card advisory engagement). The oversight committee accepted the reports and directed follow-ups; most findings were low-to-moderate and management responses were accepted.
The oversight committee received and approved three internal audit reports covering post-award grant monitoring, non-grant expenditures and a purchase-card program advisory review.
Internal Audit presented the post-award grant monitoring audit, which tested financial status report reviews and internal controls; the report received a "satisfactory" rating with findings focused on procedure refinements and contract language cleanup. The non-grant expenditures audit received a "strong" rating with four findings (one moderate and three low risk) addressing transaction review and coding cleanup. The purchase-card advisory engagement reviewed opportunities to increase rebate capture through timelier p-card payment and recommended process changes; auditors noted the annual rebate realized in the reviewed fiscal year was modest (under $500) and identified procedures for monthly reconciliation to improve rebate capture.
Auditors confirmed management had responded to findings and provided remediation plans. The audit committee has two follow-ups nearly complete (IT and communications items). The oversight committee voted to accept the three audit reports and directed staff to continue follow-up work and present outstanding items at the next oversight committee meeting.
