Elizabeth Fernandez

There were many policies that were included that most of external third party financial audit covers, including 90/10 rate, default rate, R2T4 calculations, audit documents. However, there are some that the policy is covered in our catalog and those fall outside the audit, which means those are areas we can increase our own internal audit attention on that. This section has a few outdates sections with the June 2024 new DOE requirements.

I've learned that internal audits are crucial for ensuring compliance and mitigating risks within an organization. It also helps identify areas for improvement and should be seen as a tool for ongoing improvement rather than a one-time event.  In applying this knowledge, I plan to advocate for a structured internal audit process within my organization. We actually have some in place as tied to annual external audits, but I can see room for improvement and including more departments.