Guidelines for being Audit Ready
- Create and maintain documented Internal Controls. Auditors want to see that you have procedures documented and that the project staff follows them.
- Ensure that all purchase receipts and supporting documentation are in one place and can be linked to the expense transaction.
- Ensure that each expense transaction can stand alone. This means that anyone can read the documentation and confirm that it is reasonable, allowable, allocable, and consistently treated.
- Keep organized and complete accounting, contract, and project files.
- Ensure that all Cost Transfers are documented; information in MyFD should be complete and support the reason for the Cost Transfer.
- Ensure that bids and consultant contracts are on file in the appropriate place.
- Keep list of personnel authorized to approve expenses.
- Resolve issues when they arise, do not wait for an audit or Award end.
- See also: Internal Audit's webpage on the Audit Process.
Best Practices in an Audit
- Contact UW Internal Audit if you or your department are notified of an audit or contacted by an Auditor.
- Be prompt in responding.
- Keep original documentation on site; Auditors can have copies if they want to retain any documentation.
- Only provide information that is asked for, do not elaborate.
- Do not include office politics or other departmental issues in the response.
- Only answer questions you know the answer to; do not hesitate to defer.
- Do not return any documentation to archive/off site storage until the audit has been resolved.