Manuel,
A good, concise summary of the key points!
Traci Lee
A corrective action plan should include the following:
Date of finding
Description of finding and reason for error
Proof of resolution
Action plan/policy change to prevent future occurrence
Timeline for implementation of action plan/policy change
Signature of department head that will take the lead
In the event of a correction action plan I would want to know the isolated issue or incident and how it occurred. Additionally, I would want a detailed detail explanation of how the organization would address the issue(s) and also what steps with time frames and monitor components in mind are going to be put in place for implementation.
It would depend on what the findings were and what the facts were to conclude that corrective measures are needed. All steps should be taken to be in compliance by the next re-audit/audit.
This is an excellent list. I think the corrective action plan should have the following components:
1. Audit date
2. Title of problematic area and explanation of the problem.
3. Name and contact information of person who will be responsible for resolving the problem.
4. Plan of action explaining how problem will be resolved.
5. Time frame for implementing the plan of action.
6. New procedure to ensure that the problem will not reoccur.
7. Date for re-audit/check up to ensure that the problem has been resolved
I work for a small school so each administrator works for multiple departments. How can we ensure that an audit is impartial if we cannot afford to hire someone independent to conduct an audit?
I posted this on another board but have not yet received a response, so I am reposting it here. What exactly is 90/10? We are currently not receiving any federal or state funds, so it is not yet relevant. However, we are applying for accreditation and I would like to understand something which could impact us in the future. Thank you!
Chana,
This is certainly a challenge. My suggestions would include ensuring the administrators understand the consequence of regulatory violations and the benefits of identifying these INTERNALLY so that the college may take corrective action proactively rather than having a finding by an external agency. Assigning these individuals to review departments other than their own may also help since they would be reviewing another department's, versus their own department's work.
Traci Lee
Chana,
I did respond to another post which asked about 90/10 and credit balances. I have copied my response below:
To be eligible for FSA participation, a proprietary institution may derive no more than 90% of its revenues from the FSA programs. Other funding sources currently fall into the 10% category including private loans, employer paid benefits, cash and certain military funding (although there are proposals to re-classify military funding). The percentage is reported overall for the institution although they may be asked to provide detailed breakdowns of funding, including by student. As for credit balances, some students may incur varying charges term-to-term. By allowing a school to apply the credit balance to the following term (within the same academic year), it may assist the student in managing finances. Typically, funding is disbursed is the same amount per payment period but, variable costs could create higher costs in some than others.
Traci Lee
A corrective action plan should include
1. re-state the finding
2. Objective
3. Action/Activity to take place
4. Target dates to complete action/activity
5. Status of action
6. Results of action/activity (met objective)
The objectives should be consistent with the finding during the audit. Documentation for each action/activity should be provided with the action plan results.
Understanding the corrective action needed.
Action plan to correct
Timelines and person responsible for implementing.
follow-up to make sure your action plan is working.
If not have a plan B
Dr. Childers,
Another good point you raise is understanding the corrective action needed. Sometimes it is perceived as just a "check mark" to demonstrate addressing the finding rather than embracing the need to make change.
Traci Lee
The corrective action plan should include the following:
* Restate the finding
* Request any additional information
* State the corrective action that was put in
place
* Policy and procedure developed to resolve the
issue raised during the audit
* Date of implementation
* Checks and balance system to ensure compliance.
I could not agree more with "a)". With so many regulations and interpretations of those regulations, we cannot fix what we don't realize is broke. Or if we have the right "fix" after all. Thank you for this thought.
