Internal Control over Compliance Requirements for Federal Awards

What is Internal Control over Compliance Requirements for Federal Awards?

Internal Control over Compliance Requirements for Federal Awards meaning A process implemented by a non-Federal entity designed to provide reasonable assurance regarding the achievement of the following objectives for Federal award:(1) Transactions are properly recorded and accounted for, in order to:(i) Permit the preparation of reliable financial statements and Federal reports;(ii) Maintain accountability over assets; and(iii) Demonstrate compliance with Federal statutes, regulations, and the terms and conditions of the Federal award;(2) Transactions are executed in compliance with:(i) Federal statutes, regulations, and the terms and conditions of the Federal award that could have a direct and material effect on a Federal program; and(ii) Any other Federal statutes and regulations that are identified in the Compliance Supplement; and(3) Funds, property, and other assets are safeguarded against loss from unauthorized use or disposition.

 

reference: Glossary of NIH Terms

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