Checks and balances
How is it determined when a school will be audited in the financial aid office and if a student or potentional student should ask this question, how should it be answered?
All schools participating in federal student aid programs must have an annual compliance audit performed independently. Typically, the school hires a qualified firm and schedules this accordingly. Other "unscheduled" audits can occur by various regulatory entities per their scope and policies.
All schools who receive federal funds must be periodically reviewed or audited by the state or auditig agency. There is nothing to hide therefore the FA audit's are welcomed on our campus.
All schools awarding federal financial aid are required to be audited annually by an outside agency to ensure compliance to federal regulations. The Department of Education will also periodially conduct it's own audits. Some institutions elect to have additional audits within the year...the idea being to go above and beyond what it required so that federal guidlines are adhered to on a consistent basis.
All institutions participating in Title IV funding are subject to scheduled or surprise annual audits. This ensures that check and balances are kept in place.
