Audit Submissions

A school that participates in any Federal Student Aid (FSA) program, including a participating foreign school, generally must have an independent auditor conduct an annual audit of the school’s compliance with the laws and regulations that are applicable to the FSA programs in which the school participates (a compliance audit) and an audit of the school’s financial statements (a financial statement audit). Audit requirements also apply to third-party servicers, FFEL Program lenders, lender servicers, guaranty agencies (GAs) and GA servicers.