In these cases, actual charges rather than estimates must be reported. The Research Accounting Contact must be advised of all adjustments, e.g. uncleared overspending or unrecorded expenses, as soon as possible. It is important to avoid having to notify the sponsor that the final report was incorrect. All sponsor reports are generated directly from the accounting system and, therefore, are only as accurate as the information contained therein. This means that correct coding of transactions is critical to accurate financial reporting to sponsors.
Some awards have the requirement for audited financial statements.
Even where this is not required, all awards are subject to audit by the sponsor. In some cases the source documents are retained in the department, e.g. documents supporting debit memo charges, imprest bank account cheques, etc. It is important that financial records for an award are maintained in an orderly fashion, and that statutory retention periods are followed. Refer to Chapter 3, Section 8, Source Documents and the Audit Trail. Responsibilities of Research Accounting, UTRS Research Accounting, Office of Research Services is responsible for preparation of all financial reports for research sponsors.