Maureen,
I agree with your comments. It is important to ensure that all documentation requested by the auditor is secured, accurate and complete. The organization necessary for a successful audit is critical to make the experience productive for your institution and the audit team.
Sincerely,
Chyrl Ayers
Our management is hoest to a fault, so I hav no fear that an audit wil find any fault in the way we do business. My concern it that could be missing or misplaced documentation. Since we are new, small and wear multiple hats, something could slip through the cracks or a deadline may be missed. That is why we are taking great pains to see that all paperwork is processed timely and with controls.
Sparky,
The approach to insure you have a workflow plan to identify all required documents, collect and properly maintain is the best methodology to utilize. If you have a plan in place to insure these items occur you should be able to maintain the documents in a manner to protect the student and campus. I would encourage you to set some type of review process to verify that your controls are being followed.
Sincerely,
Chyrl Ayers
The greatest concern would be that the student files would be missing important information. We are very detailed in our pre-audits to insure our files are complete to prevent a bad audit.
Gabrielle,
I think the process of a pre-audit or internal checklist can be very beneifical as you go into the annual audit cycle each year.
Sincerely
Chyrl Ayers
My biggest concern is seeing the same auditors from last year and having them pick up a repeat finding. The easier way to handle this is to do a rolling audit. The internal audit process should be continuous. Get a fresh set of eyes on each student file periodically. One person might pick up something that another missed the first time around. Failing to prepare is preparing to fail.
Michael,
All of these are great suggestions from a rolling audit to varying the staff reviewing the students' files. Repeat findings can be viewed negatively, therefore, any action to prevent is worthy.
Sincerely,
Chyrl Ayers
My greatest concern is trying to anticipate the needs and requests of the auditors. To handle this concern, I try to ensure all records and additional information is properly organized and maintained, not only through out the year, but also prior to the audit. After undergoing several audits, you start to notice patterns of information needed and can ensure that the information is readily available. Being organized and paying attention to the details is critical.
Susan, I agree totally with you. Organization and attention to detail are valuable tools to utilize during the year. Pre-audits and internal checklist can also be very beneficial as you go through each audit cycle of the year.
Regards,
David McGuffee
Motives, internal or external. Are they instructed to find exceptions at all costs? Why does there always seem to be a mystery man behind the curtain, that they have to check with. Can we cut out the middle and speak to the source?
Todd, It is best to always try to look for the positive aspects of an audit. It provides an opportunity to see what you are doing on a day to day basis is correct. It also provides you with an opportunity to strengthen your internal processes and procedures. An open and positive attitude will go a long way to ensure you end up with a clean audit.
Thanks and good luck,
David McGuffee
I have read through existing posts before responding. I found two themes interesting and helpful: that of consistent organization of files and regular file reviews by the FA office team.
Our university has moved to electronic file maintenance so I am wondering if folks could weigh in on how they have approached audits in a paperless environment and electronic file storage?
Thank you in advance for sharing both best practices and lessons learned.
Elizabeth,
Our organization maintains all records in electronic format and utilize a program we designed - Audit Version to retrieve the electronic file documents for SFA Audits and all reviews for our clients. This allows the audits to provide a list of students selected for sample and allows us to provide the audits with access to those files through the audit version program. The auditors are able to review all electronic documents collected or completed by the student and test compliance of the individual documents and overall file compliance.
Sincerely,
Chyrl Ayers
My biggest concern being next to an audit is to have all documents in correct order so that the auditors may have better access to all data.
In the department where I work, we perform internal audits periodically to verify the records. When creating a record we ensure that all the required documentation is available and accessible. Each record has an organization. Identify the documentation of each year by different colors to make it easier and faster to access and organize the file and the file in a practical way. In an audit the accuracy, speed and organization are the best allies
Maria,
A periodically review to determine document and work accuracy and compliance is a great process. Inspect what you expect and you should never be disappointed. I know that many in the FA and Business Office will exchange student files and/or processes to allow another set of eyes to review their work. These are worthy exercises as we continue to strive for success in our FA Offices.
Sincerely, Chyrl
Chyrl Ayers
My greatest concern is making sure that everything is in order. It does not make me nervous because I am the only FA officer so I am able to double check my files myself periodically to make sure that everything is as it should be.
An audit is always a concern, but it is imperative to follow the college policy and procedures as well as the federal regulations. At every class start I use to review the students files to be sure that all the files are in compliance with feral regulations. Also every year our internal auditors review the files for drop students for R2T4 accuracy.
Daisy Debs
Daisy,
Agree, it is imperative that you adhere to the P&P's of your college to ensure compliance. It is important to guarantee all items are accurate when your auditors arrive. It is always good to have a second set of eyes review documentation to ensure accuracy.
Sincerely, Chyrl
Chyrl Ayers
My concern is when employees are laid people off and sometimes no one is 100% sure what that person was responsible for until weeks later. I do not want things to be late or to have a finding in an audit because of things that could have been avoided.
