Audit Readiness

1
Audit Readiness Preparation and Prevention
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Preparation

• Account for all FA/admission files
• Check for missing elements
• Review bursar records
• Review admission records

3
Common Findings

• Return to Title IV Funds Late Returns
• Return of Title IV Funds Calculation Errors
• Student Status Inaccurate/Untimely Reporting
• Repeat Finding Failure to Take Corrective Action

4
Common Findings

• Entrance/Exit Counseling Deficiencies
• Verification Violations
• Student Credit Balance Deficiencies
• Improper Certification of FFEL

5
Return to Title IV Funds (R2T4) Late Returns

• Institutional Requirement Not financial Aid
• Clock Starts Ticking On Withdrawal Date (Or Date
  School Determines Student Withdrew)
• Inter-office Communication
• All F Grades

6
Return of Title IV Funds Calculation Errors

• Incorrect Withdrawal Date
• Counting Scheduled Breaks
• Payment Period vs. Loan Period
• Rounding of Percentage
• Failure to Perform Calculation

7
Student Status Inaccurate/Untimely Reporting

• Reporting Status Changes Late
• Reporting End of Term Instead of Withdrawal Date
• Leave of Absence
• Failing to Report

8
Repeat Finding Failure to Take Corrective Action

• Same Finding in Multiple Reviews
• Internal Audit Finding Not Corrected
• Administrative Capability

9
Entrance/Exit Counseling Deficiencies

• Evidence Of Completion
• Entrance Not Completed Before Disbursement
• Exit Done Electronically Presents Issues
• Use of Old Forms

10
Verification Violations

• Not Completed Prior to Disbursement
• Verification Form Not Signed
• Discrepancies Not Resolved
• Fail to Investigate Discrepancies
• Verification Manual

11
Student Credit Balance Deficiencies

• Title IV Credit Balance
• 14 Days to Resolve
• Keep An Eye Out for Delays Caused by Bursar
  Policy
• Authorization to Hold Funds
• Check Needs to be Negotiated

12
Improper Certification of FFEL

• Grade Level
• Eligible Borrower
• Sub / Unsub Issue
• Student Self Certifies Grade Level on FAFSA

13
Common TAP Findings

• Matriculation
• Self Reporting, etc.
• Full-time Status
• Courses Applicable to Program
• Good Academic Standing
• Waivers, etc.
• Declaration of Major
• Associate to Bachelors
• Change of Program, etc.

14
Matriculation

• High School Diploma or Equivalent
• Foreign Diplomas
• Accepted into a Program (Declaration of Major)
• Following Institutions Own Admission Standards

15
Full-time Status

• Remedial Courses
• Courses Outside Degree
• Passing Grade
• Not Full Time

16

• Thank You!
• Questions?