Wendy,
That is a great practice. During the periods in my FA career that I managed a campus FA/Business Office that was the method I selected to utilize. Inspect what you expect - you have to monitor the files to ensure compliance and proper documentation. An audit can be scary and we are human and miss things but the key is to ensure that that the overall process is accurate and documented.
Sincerely,
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.
Pamela,
It is important that all of us are confident in our documentation and know that we have P&P's in place to ensure accurate files, reporting and reconciliation of FSA funding. If you are confident in your internal controls and have systems that allow you to monitor and test these controls there is no reason to fear an audit.
Best wishes to you in your online educational process.
Sincerely,
Chyrl Ayers
I guess my biggest concern with the SFA audit is in relation to third party servicers. While most of the processes are handled in house some of the auditable line items are maintained outside of the campus. Given the fact that the campus is ultimately responsible this makes me nervous. This just reinforces the fact that you need to do your homework on anyone who can influence your livelihood.
Todd,
Third party servicers have annual audits just like colleges so you should get a copy each year of your servicer. This audit should assit you in determining how successful your servicer is being in the annual reviews and identify any areas that you should watch. Also, your servicer should be able to address any concerns you have related to responsibilities they perform for your college. I encourage FA Professionals to "Inspect what they Expect."
Best wishes in your continued online financial aid educational experience.
Sincerely,
Chyrl Ayers
IT IS NOT A BIG DEAL IF YOU PERIODICALLY CONDUCT AN INTERNAL REVIEW OF YOUR FILES
ANGELA,
Periodically reviews are a great way to prepare and be confident in your student files' accuracy. It is important to test the fiscal, COD report and reconciliation process to ensure these records are accurate and timely. The review by auditors should be complete related to admission, Financial Aid, Business Office and Academics to guarantee accurate student files.
Sincerely
Chyrl Ayers
My greatest concerns are that the correct student documentation are properly handled and available in the studen's files. When the auditors ask for the files if the evidence is not presented or file properly, additional information will be required.
This section really explained the consequences of misbehavior in education manangement. It is good to know schools and individuals are held accountable for their actions and/or misrepresentations.
Even though auditors have a standard checklist to navigate through, it seems like there's some subjectivity in what is emphasized. It does however, keep you on your toes.
The best way to handle this concern is to be well prepared at all times. Make sure your records are sequential, organized, and up to date.
Brittany,
Ihope you found the information to beneficial to you. Auditors are a valuable tool and allows us to grow in our administration of Federal Student Aid; however, there are consequences to inappropriate actions.
Sincerely,
Chyrl Ayers
Jeffrey,
Agree with your overall approach and you are correct auditors approach do vary. Auditors view different items as important and tend to lean their review to those areas. Be prepared through organizational structure and stay on top of changing requirements.
Sincerely,
Chyrl Ayers
The most recent concern has been our transition to complete electronic files versus paper files. We recently had an internal audit that had documents that weren't electronic that were required but not uploaded into the system yet. Luckily it was an internal audit, so we could reconcile the system but it did shed light on processes that needed to be put in place in order to create a checks and balance system.
Nichole, Periodic internal reviews are a great way to stay prepared for external audits that occur each year. It is important to not only review compliance issues but fiscal, COD reporting and monthly reconciliation also.
Sincerely,
David McGuffee
My biggest concern are updated policies and procedures in the Catalog. From time to time, a policy or procedure has been implemented as part of your catalog, but may have not been updated in the most recent catalog in a timely manner, or addendums are not crystal clear.
Alexander ,
That is a concern that most of us face at the college level. When I worked in a college we had a Catalog Committee that met with any changes and determined if addendums were needed or handouts, etc to ensure our students had the most up-to-date version of the catalog. This method worked for us and prevented oversites.
Sincerely,
Chyrl Ayers
My response will seem redundant as everyone else seems to have similar practices. Our student files are set up in a specific order, behind a checklist that shows the order and that all documents, payments, ID, etc...have been received. We also have a Missing Items list that we use prior to the start of a class which really helps us get those items that just may be missing from a few files. As we get them, we update that list until there are no missing items. After one person reviews the file, another will double check it. Once it's time for an audit, we are usually good to go! Of course, a final review doesn't hurt.
Elizabeth,
Your practice is a sound way to ensure all documents required are present in the students' files. It is always good to have second set of eyes to re-review the students' files to guarantee all documents required are present and no conflicting information exist. This additional review should provide you with assurance that all departments have completed their portion of the file collection process prior to the audit.
Sincerely,
Chyrl Ayers
We do internal audits on a yearly basis, as well as review all of our files and reports monthly to ensure that if we were ever to have auditors in house, they would be in and out bc we are over-complaint. It is not a huge concern, we are pretty small and stay on top of things.
My greatest concern is to be sure all of the information, documentation, and files requested prior to arrival are available for auditors, organized in an effective manner, and in a secure workspace for the audit team. Any additional requests made during the audit are gathered and provided as soon as possible during the audit.
