Audits

The Audit Process

        GCA coordinates audits concerning sponsored programs by external auditors for all four campuses.

  • Notification of Upcoming Audit
  • Entrance Conference
  • Audit Fieldwork and responding to Audit findings
  • Exit Conference
  • Draft Report and submission of Rutgers’ Response
  • Corrective action, if needed and implementation
  • Follow-up

 

Types of Audits

1) Claimed Costs Audits

To verify the allowability, allocability and reasonableness of costs that have been charged and billed/reported by Rutgers. Commonly carried out at the completion of a project, when Rutgers presents a close-out bill/report to the agency.

 

2) F&A Audits

To verify the allowability, allocability and reasonableness of the proposed and incurred F&A costs in the Rutgers F&A proposal and corresponding cost studies.

 

3) Pre-Award Audits

To verify the estimated costs submitted in proposals for large sponsored research projects and contracts. Generally less common.

 

4) Compliance and General Control Audits

Auditors of all types depend on Rutgers’ internal controls to achieve compliance.  KPMG, assisted by RU Internal Audit annually conducts a single federal compliance audit as required by OMB Uniform Guidance (2CFR Part 200) and State of NJ compliance audit as required by OMB, SNJ 15-08.  Pass-through Sponsors perform Subrecipient monitoring audits of Rutgers awards.

 

5) Financial Statement Audits

Annually, KPMG conducts an audit to assess the accuracy and fairness of the University’s year-end financial statements.

Financial Statement Audit and the Single Audit, the Single Audit and the SNJ 15-08 Audit.

 

Major Audit Areas Emphasized

  • Salaries and Wages/Effort Reporting
  • Equipment
  • Cost-Sharing
  • Cash on hand balance reviews
  • Cost Transfers
  • Travel expenses
  • Participant Support Costs

 

Rutgers Internal Controls

The GCA Compliance Group and Rutgers’ Internal Audit perform audits to:

  • Determine if internal controls are developed and implemented
  • Test the implementation and operational effectiveness of internal controls that support Sponsored programs

 

Nazam Z. Mohammed, CPA, CGMA
Assistant Director, Audit, Compliance & Training
Phone: 848-932-4139
Email: 
nmohamme@ored.rutgers.edu