Specific audit objectives in this area include ascertaining that Payroll charges, materials, and other direct costs are summarized accurately and distributed to individual contracts or grant activities, overhead is applied at current rates and on an appropriate basis, Revenues are recorded completely and accurately, sponsors are billed on a timely basis, and adequate follow-up procedures exist for outstanding receivables, All cash receipts are recorded accurately, and advance payments or letter-of-credit advances are applied to the proper accounts and Procedures to monitor cost overruns are functioning