Publication Date: September 7, 2007
Author: Jeff Baker, Director Policy Liaison and Implementation, Federal Student Aid
Summary: ACG and National SMART Grant Audit Guide Amendment
Posted on 09-07-2007
The Department of Education, Office of Inspector General, issued on August 30, 2007 “Dear CPA Letter No. 07-01” to amend the January 2000 Audit Guide, Audits of Federal Student Financial Assistance Programs at Participating Institutions and Institution Servicers, used by auditors performing audits of for-profit postsecondary institutions and servicers required by ED Regulations. The letter may be accessed at the following link: http://www.ed.gov/about/offices/list/oig/nonfed/dearcpa0701.pdf
The entire Audit Guide may be accessed at the following webpage: http://www.ed.gov/about/offices/list/oig/nonfed/sfa.html (It is Item B.15)
The letter amends the Audit Guide to provide mandatory procedures for auditing Academic Competitiveness Grants (AGC) and National Science and Mathematics Access to Retain Talent (SMART) Grants at For-Profit Postsecondary Institutions. It also applies to audits of for-profit servicers.
For-profit postsecondary institutions and servicers should immediately provide a copy of “Dear CPA Letter No. 07-01” to their independent auditor for their use.