U.S. Department of Education Releases Guidance on Auditing Title IV Student Assistance Programs
8/8/2016
NSAA
Monday, August 8, 2016
by: NSAA

Section: NSAA




NASACT recently received notice that the U.S. Department of Education (ED) released guidance on auditing Title IV student assistance programs. 
 
In the last paragraph, ED is recommending that:

 
any institution that has already had an auditor prepare a Single Audit under the new OMB [UG] guidance, with a determination that the Title IV programs were low risk, should contact their respective School Participation Division.”
 
It seems that for audits currently underway, the Federal Student Aid team will work with the institution (and its auditors) for minimal disruption. ED plans to start working on more detailed guidance for inclusion in the 2017 Compliance Supplement. It plans to hold a “listening session” late this summer/early fall as a precursor to the beginning of its updates to the 2017 Compliance Supplement. NSAA and the state auditor community will be active  participants in this listening session.
 
Please share your results of communication with the School Participation Divisions so that we can keep the overall state auditor community informed. Comments and information about this topic can be sent to Sherri Rowland, NSAA association director.

Background
For more information and background on this issue, see the letter NSAA sent to the U.S. Department of Management and Budget and ED on May 27.
 
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