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Summary: EZ-Audit: Electronic Submission of Financial Statements and Compliance Audits

Publication Date: June 21, 2007
FRPart:

Page Numbers: 34233-34234

Summary: EZ-Audit: Electronic Submission of Financial Statements and Compliance Audits

Posted on 06-21-2007

[Federal Register: June 21, 2007 (Volume 72, Number 119)]
[Notices]
[Page 34233-34234]
From the Federal Register Online via GPO Access [www.access.gpo.gov]
[DOCID:fr21jn07-25]

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DEPARTMENT OF EDUCATION


Notice of Proposed Information Collection Requests

AGENCY: Department of Education.

SUMMARY: The IC Clearance Official, Regulatory Information Management
Services, Office of Management, invites comments on the proposed
information collection requests as required by the Paperwork Reduction
Act of 1995.

DATES: Interested persons are invited to submit comments on or before August 20, 2007.

SUPPLEMENTARY INFORMATION: Section 3506 of the Paperwork Reduction Act
of 1995 (44 U.S.C. Chapter 35) requires that the Office of Management
and Budget (OMB) provide interested Federal agencies and the public an
early opportunity to comment on information collection requests. OMB
may amend or waive the requirement for public consultation to the
extent that public participation in the approval process would defeat
the purpose of the information collection, violate State or Federal
law, or substantially interfere with any agency's ability to perform
its statutory obligations. The IC Clearance Official, Regulatory
Information Management Services, Office of Management, publishes that
notice containing proposed information collection requests prior to submission
of these requests to OMB. Eachproposed information collection, grouped by office,
contains the following: (1) Type of review requested, e.g. new, revision, extension, existing or reinstatement; (2) Title; (3) Summary of the collection; (4) Description of the need for, and proposed use of, the information; (5) Respondents and frequency of collection; and (6) Reporting and/or Recordkeeping burden. OMB invites public comment. The Department of Education is especially interested in public comment addressing the following issues: (1) Is this collection necessary to the proper functions of the Department; (2) will this information be processed and used in a timely manner; (3) is the estimate of burden accurate; (4) how might the Department enhance the quality, utility, and clarity of the information to be collected; and (5) how might the Department minimize the burden of this collection on the respondents, including through the use of information technology. Dated: June 15, 2007. Angela C. Arrington, IC Clearance Official, Regulatory Information Management Services, Office of Management. Federal Student Aid Type of Review: Revision. Title: EZ-Audit: Electronic Submission of Financial Statements and Compliance Audits. Frequency: Annually. Affected Public: Businesses or other for-profit; Not-for-profit institutions; State, Local, or Tribal Gov't, SEAs or LEAs. Reporting and Recordkeeping Hour Burden:
Responses: 5,900. Burden Hours: 2,500. Abstract: EZ-Audit is a web-based process designed to facilitate the submission of compliance and financial statement audits, expedite the review of those audits by the Department, and provide more timely and useful information to public, non-profit and proprietary institutions regarding the Department's review. EZ-Audit establishes a uniform process under which all institutions submit directly to the Department any audit required under Title IV, Higher Education Act (HEA) program regulations, EZ-Audit is reducing the number of financial template line items and general information questions which results in a significant reduction of burden hours. All institutions' burden hours have been reduced by over fifty percent (50%). Requests for copies of the proposed information collection request may be accessed from
http://edicsweb.ed.gov, by selecting the ``Browse Pending Collections'' link and by clicking on link number 3332. When you access the information collection, click on ``Download Attachments'' to view. Written requests for information should be addressed to U.S. Department of Education, 400 Maryland Avenue, SW., Potomac Center, 9th Floor, Washington, DC 20202-4700. Requests may also be electronically mailed to ICDocketMgr@ed.gov or faxed to 202-245- 6623. Please specify the complete title of the information collection when making your request. Comments regarding burden and/or the collection activity requirements should be electronically mailed to ICDocketMgr@ed.gov. Individuals who use a telecommunications device for the deaf (TDD) may call the Federal Information Relay Service (FIRS) at 1-800-877-8339. [FR Doc. E7-11994 Filed 6-20-07; 8:45 am] BILLING CODE 4000-01-P

Last Modified: 06/20/2007