The University undergoes various internal and external audits. As per the federal government's mandate, any institution that spends more than $750,000 in federal funds during its fiscal year must complete a "Single Audit."  The requirements for a Single Audit are explained in Uniform Guidance-Subpart F. As the federally funded expenses of UMB exceed this threshold, the University must conduct this audit annually. Additionally, as the University is a part of the State of Maryland, it is also subject to external audits conducted by the state, such as the Legislative Audit.

The audit begins at award setup when the Notice of Award (NOA) is received.  Familiarize yourself with the award terms and conditions and review the award’s budget in the financial system for accuracy.

• Review and reconcile expense transactions posted to your projects monthly for accuracy, legitimacy, and completeness.
• Resolve issues immediately when discovered or as they arise.  Do not wait to handle the issue and contact SPAC, if needed.
• Create and document your procedures/business processes and ensure everyone managing or assigned to awards follows your documented procedures.
• Maintain all supporting documentation for each transaction.
• Ensure all payroll corrections and effort percentages are well documented and justified.
• Review prior audits to assist in identifying high-risk areas of grant management.