Financial audit process
Questions that should be considered:
- What are the cost recovery expectations of the host Institution? Are all costs to be recovered (Total Operations Recovery)? Are staff costs to be recovered? Are service contracts to be covered? How is instrument depreciation handled?
- Who will manage the finances? Is this to be done within the facility or will support be provided?
- Will reports be provided?
- How will surplus funds be carried forward to the next financial year? This is important if these are to be used to fund future capital equipment purchases.
- How will budget deficits be addressed?
- When will fee structures be reviewed?