The NIH conducts targeted site visits to examine “Compliance in Action“, such as those conducted from 2000-2002 to examine how various components of the responsible conduct of research are implemented in the real world at NIH-funded institutions. Most recently, they published summary findings from a series of targeted site visits in 2006 specifically looking at conflict of interest. More on all this at the main NIH Conflict of Interest Website.
A word to the wise from the NIH and NSF grapevines: be careful with that effort reporting and keeping under the federal salary cap. Recent effort reporting audits (with teeth & fines behind them) by both federal research sponsors are finding investigators working more hours than is humanly possible. Or legally allowed in any case.