STCU Internal Financial Project Audits
The STCU Finance Department provides an independent financial appraisal function of all STCU projects. To accomplish this, the STCU Finance Department conducts internal financial project audits for all active STCU projects on an annual basis. Six (6) months after the operative commencement date of a project, an internal financial project audit is conducted, and then annually after that initial audit date. Finally, a one-year "rolling" internal financial project audit schedule is developed to schedule the internal financial project audits, as well as coordinate these audits with the number of independent external financial audits conducted at the STCU.
STCU internal financial project audits are conducted in accordance with international auditing standards. Those standards require that we plan and perform the audit to afford a reasonable basis for our judgments and conclusions regarding the project under audit. An audit also includes assessments of applicable internal controls and compliance with requirements of project agreements when necessary to satisfy the audit objectives.
The STCU conducts internal financial audits of all STCU projects in order to obtain reasonable assurance that:
- Project participants' time records are reliable and maintained in accordance with the terms of the project agreement;
- weapon scientists and engineers working on the project are those identified in the project work plan;
- wage payments received are the amounts reflected in the STCU's accounting records and are in accordance with the terms of the participants' grant letters;
- equipment purchased is in accordance with the project agreement, is located in the designated work areas, and is properly safeguarded; and
- the project work follows the project agreement.
The applicable STCU internal financial audit procedures and policies are available at the STCU web pages listed below:
- STCU Standard Operating Procedure VIII - Project Monitoring
- STCU Standard Operating Procedure XXV - Internal Financial Project Audit Procedures
The STCU Chief Financial Officer (firstname.lastname@example.org) is responsible for the conduct of the STCU's internal financial project audit function, please feel free to contact that office if you have any questions or comments related to this STCU function.