Posted Date:April 28, 2017
|Author:||Robin Minor, Chief Compliance Officer, Federal Student Aid|
Subject: Audits Performed Under Uniform Guidance for Fiscal Years Ending in 2017
On August 5, 2016, the Department issued an electronic announcement titled Applicability of Single Audit Act Regulations to the Title IV Student Aid Programs. The announcement indicated that the Department continues to review issues related to the frequency of audit submissions and plans to include additional guidance in the 2017 Compliance Supplement applicable to audits of fiscal years beginning after June 30,
2016. Unfortunately, such guidance was not able to be incorporated into the Supplement prior to its release date. The purpose of this announcement is to clarify the reporting requirements for audits with a fiscal year ending date in calendar year 2017.
The August 5, 2016, announcement instructed any institution to contact their respective School Participation Division if their auditor had already prepared an audit under the new OMB Guidance referenced in the announcement, and with a determination that the Student Financial Assistance Program Cluster (Title IV programs) was low risk. These same instructions were subsequently extended to all audits with a fiscal year end date in calendar year 2016. The same procedure will be used for any audits with fiscal year ending dates in calendar year 2017 where the auditor has determined the Title IV programs to be low risk and there will be no audit testing of those programs.
The Department will incorporate into the 2018 Compliance Supplement final guidance regarding compliance audit submissions.
School Participation Division Contact Information: