Internal Controls

The Uniform Guidance places strong emphasis on internal controls to reduce the risk of waste, fraud, and abuse in the stewardship of federal funding. Internal controls are the organizational processes we implement to ensure operational effectiveness and efficiency, reliability of internal and external reporting, and compliance with applicable laws and regulations.

MIT is required not only to have effective internal controls, but to communicate and follow them. We must also monitor compliance and take action when we identify issues. PIs, DLC administrators and central offices will need to collaborate to meet these requirements. This will include stronger efforts to limit cost transfers and late salary transfers, to practice effective financial review and control throughout the award period and to adequately document transactions.

Applicable Uniform Guidance section: 200.61 & 200.303

For more information, contact the MIT Audit Division [email].