In the news cycle for December 2023, one noteworthy report has captured the attention of many corporate legal professionals. Published in the Research Compliance 20, No. 12, the report focuses on a case concerning the National Science Foundation (NSF) and the California Institute of Technology (Caltech).
According to the report, the NSF permitted over half of the costs that were questioned by auditors for its Office of Inspector General (OIG). In an unexpected twist, however, Caltech ended up delivering NSF more than what the OIG had initially flagged. This discrepancy was as a result of other costs which Caltech itself discovered at a later stage.
It’s important to highlight that the audit covered the costs registered from March 1 to September 30, 2020. This incident, bringing into relief the complex nature of cost audits between organizations and federal agencies, serves as a cautionary tale about the critical importance of cost monitoring and frequent comprehensive audits.
The report is a publication from the Health Care Compliance Association (HCCA), an organization known for shedding light on pertinent issues concerning compliance in the various facets of the corporate world, particularly the healthcare industry.
For further details on this report, feel free to visit the JD Supra article.