The Auditors Are Coming!
What is your greatest concern in dealing with audits or auditors? How do you handle that concern?
My greatest concern is making sure my files are in order and not difficult for an auditor to navigate through. I have a coversheet for each award year and on the coversheet each item that is required to be in the file is listed, then all documents are in that order. This makes it much easier for me to review as well as an auditor.
Jennifer,
That is an excellent idea and in my experience a single workflow to a file is a great way to enable auditors to quickly navigate the student file.
Thanks, Chyrl
My greatest concern when dealing with auditors is being able to understand what they are asking for and being able to make myself understood when responding. Many times an auditor will see something one way and you will see it another. I have learned over the years just to listen very carefully to your auditor but also be honest and forthright with them because they are human and can make mistakes just as well as you can.
Teresa,
I think that is a very good observation. The misunderstanding could be on either side - the person delivering the message or the interpretation of the message. Whenever you do not understand the auditor's point of view you should ask for it in writing with the auditor's regulatory references. This will enable you to review the written word and the regulations to determine if you are hearing their concern correctly or they are misstating the issue.
Hope that your online education experience has been positive and that you continue your education.
Sincerely, Chyrl
my greatest concern is having all files ready for the auditors by the time they do arrive. With all the daily tasks plus appoitments its hard to set aside time to focus maily on auditing and gathering files. I usually work late while students are in class and set aside hour to 2 hour slots where I can focus on preparing.
You are correct Joshua, there is always a since of urgency to ensure everything is put together properly when auditors are coming to audit your FA files. Once you receive the audit sample there isn't much time to prepare. It sounds like you have a good plan in place for this preperation. It always helps to have a checklist in each file that covers all complient issues that you know the auditors will review. The best of luck as you go through this course.
Thanks,
David McGuffee
We have someone else that handles all of the reporting portion of the Financial Aid. I just hope that my processing of the FAFSA and ISIR's are correct.
Linda,
Being new to the financial aid arena may make the annual audit or other types of review more difficult initially; however, there are several documents (SFA Handbook, Audit Guide, etc.) that are available to you that may answer any questions that may come up. This information will provide guidance on processing of FAFSA's and satifying requirements of ISIR's also.
The process of financial aid is exciting from all aspects.
Sincerely, Chyrl
Thank you for that information, I will check it out.
My concern is that my records are accurate and up to date so that an auditor can understand them. I feel that this is an area that i can always improve in. Im always looking for better ideas to better manage my financial records.
Donney,
Your practice on keeping your records current is one of the best methods to insure that the auditors are working off of the current and accurate data. Another good idea is to have all files in a standard format (regardless of storage paper or electronic). This will enable auditors to quickly work through their process of review. Also, it gives the physical appearance of organization and thorough processing.
Best wishes in your continued success in online education.
Sincerely, Chyrl
A main concern in dealing with auditors is to make it easy for them to do thier jobs. Organization of files and careful record keeping are daily goals so that, upon auditing, there is no confusion, searching for things, or general panic. Also, assuring employees that this is procedure and not a sign of trouble.
Caitlin,
Your points of action are the correct ones to attack. It has been my experienced the more organized and streamlined student FA files appear the smoother and audit or review will go. It provides a visual booster of confidence on how the students are processed in the Financial Aid Department.
sincerely, Chyrl
I am also new to the financial aid arena. This is a small school and was accredited a few months ago. I have been working as the financial aid director since then. Of course, I have the school director who helps me and guides me a lot and also have a third party servicer who answers all of my questions. This a a very exciting position and I enjoy what I do. But since I have never had an audit yet, I am still a little concerned that I may be making mistakes without knowing it.
I have been planning to read the FSA Handbook since I started(to learn more and make sure I am doing things correctly, but the days seem to be too short.
Maria,
I understand the way you feel about never enough time in the day; however, it would be very beneficial for you to start on the SFA Handbook and the Audit Guide. These tools will enable you to be aware of what is required of you in daily processing of TIV and what the auditors will be looking for annually in their review. I am sure that you third party servicer could be of assistance on where to start.
I wish you the best in your FA online education process.
Sincerely, Chyrl
My main concern with an audit is the financial portion.I am a financial aid advisor for my school.I am preparing for our audit by liStening to past experiences from my financial aid director.I am new to the field so I am excited about our upcoming audit.
What are some thingd I should look out for?
Allen,
The following items should be ready for the auditors:
Admission, Academic and Financial Aid Files organized and in concise order;
A/R Cards, attendance, and academic transcripts should be up-to-date and properly prepared;
Fiscal Records should be properly updated and prepared; and
RT4,Tuition Adjustments and Exit Counseling should be prepared for the auditor.
Best wishes in your continued online FA Education.
Sincerely, Chyrl
My greatest concern is that I can answer any questions or concerns that the auditor may have timely. I think this is why I spend so much time reviewing regs...to make sure that I know everything.
With respect to files...making sure that they are all kept the same way helps find no issues/issues quickly. I look at the audit as a way to help me do a better job if I do miss something.
My biggest concern when the Auditors are coming is that they find everything in the right order. I make sure they will have all required documentation ready for them and that the files are completed and in the order established by our procedures manual.
