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Nsf Audit Meaning3/25/2021
Findings related to NSF-funded awards may be contained in mandated Office of Management and Budget (OMB) A-133 (Single Audit) Circular or NSF Office of the Inspector General (OIG) audit reports.Because audit findings have the potential to jeopardize current and future funding, and can result in cost disallowances that require organizations to make repayments to NSF, organizations should cooperate with NSF to promptly resolve all audit findings.The CAAR staff member communicates with the audited institution in order to achieve acceptable resolution of the findings and questioned costs identified in the audit report, and to agree upon acceptable corrective actions in response to the audit recommendations.
When audit findings are particularly egregious, auditee may be required to prepare a detailed corrective action plan describing the steps it will take and outlining the associated timeframes to resolve the audit findings satisfactorily. Resolution activities may also be coordinated with other Federal agencies in cases where NSF is not the cognizant or OMB-specified oversight agency, especially when systemic issues (audit findings affecting awards from more than one agency) are identified in the audit report. Once resolution is complete, CAAR will issue NSFs official management decision(s) to the audited organization. ![]() Within NSF, several staff members may play important roles in the process. ![]() The awardee organization is responsible for submitting responses, documentation, and, in some cases, corrective action plans to satisfactorily resolve audit findings. CAAR is required to report the status of audit findings that remain unresolved after 6 months to NSF senior management and the NSF OIG. The following are some examples of common issues that may result in questioned costs and subsequent cost disallowances. Since audits with questioned cost findings can result in cost disallowances and require organizations to make repayments to NSF, organizations. Audit findings resulting in questioned costs which are related to accounting for federal funds are generally due to the following.
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