Planning for Reviews and Audits
What is the most strategic action to implement in order to prepare the institution for a Federal Program Review or audit?
Keep all documents and paperwork up to date and organized, also have one person in charge of every department to double check everything is in order.
The most strategic action that any school have to implement make sure that all the documentation are accurate as well the calculation
Solanch,
Those are all very effective ways to ensure you are ready in the event of an audit or program review. I really like the idea of having one person in charge of "quality control" in each department.
Cindy Kohlman
Dayanis,
Definitely having a plan in place to ensure that all documentation is present that should be and to have a procedure in place to double check work on a periodic basis.
Cindy Kohlman
For me the most strategic action is make sure all the calculation and contract and double check then is case of any mistakes. And also make sure all the documentation needed and is student file in case of any audit.
Maria,
Yes, all the information in the file should be present and aid calculations double checked for accuracy. Making sure all staff are trained and have discussed what to do in the event of an audit or review is also critical. It is not the time to panic but to ensure everyone is prepared in advance.
Cindy Kohlman
I think the best strategy is to double check accuracy and that there is no missing info or errors in the file. But it is also important to have a plan in place at all times as to always be prepared. This should be ongoing.
The school should always be ready for an audit. In case of an audit, the school needs to make sure the all the paperwork gets double checked and that its is completed.
Monique ,
Yes, the plan should already be in place and be "ongoing" as you state. A periodic review of a sampling of files is another ongoing best practice to better prepare a school in the event of an audit or program review.
Cindy Kohlman
Asmir,
Having a plan already in place is so important.
Having staff members check other staff member files is a practice that many schools use for both quality control but also for training purposes. Sometimes financial aid staff do not know, what they do not know, so looking over work that has been completed by a colleague can be very beneficial!
Cindy Kohlman
The Institution must organize an Audit Committee even before the Audit/Program Review is announced. This committee will ensure all documentation such as procedures manuals, consumer information disclosures, and others, are up to date. Each Office must perform an internal audit to confirm the Office's documents and students' files are correct and complete. Doing these exercises ahead of time will reduce a lot of work and stress when the audit time comes.
Cindy,
the institution should prepare by having all documents and files ready for the auditors. In addition the administration should have a yearly review of all policies and literature sent to students.
Ileana,
I couldn't have said it better! Proactive planning is key to success of anything really but most definitely for an audit or federal program review. Someone also once said that "practice makes perfect". Therefore, the more staff prepare, conduct quality assurance exercises and educate all staff that may be involved in the audit, the more likely the outcome will be more favorable. The analogy that I have used with some of my school clients is that not everyone becomes an Olympian. The athletes that achieve that high level in their sport is due to hard work, dedication, eating healthy and practice, practice, practice!
Cindy Kohlman
Maria,
The worst way to start off an audit or program review is to not respond to their requests for documentation in advance and/or not have everything ready when the audit team arrives on-campus. They immediately begin to question your "administrative capability" which is never good. Organization is so important in order to keep track of the multitude of tasks that are required of the financial aid office, in addition to the many other departments that Title IV regulations apply to. I utilized a financial aid calendar to track all required tasks, reports, communications, policy/procedure/form updates, etc. It was imperative to my success as a financial aid director, as there is just too much to try and remember and manage effectively.
Cindy Kohlman
Providing a "lead" for the audit and review team, in order to ensure they are supplied with needed materials and comforts during the audit.
Lora,
Yes Lora, a single person should be assigned to be a contact person for the Audit Team. That person should be someone who is capable of answering any of their questions as well as providing them with any documents or files that they need. Others in the office should be advised to send any questions from the auditors to the "lead". This will provide a consistency that will aid in the review process.
Warren Hoffman
The institution should always be ready for an audit visit. Always do internal random check for your department or cross reference your files. Make sure all your R2T4 calculations are doubled checked before submitted and processed on time.
Mayra,
All good suggestions. Remember, it is best that auditors directly work with one designated employee (it doesn't have to be the Director)who can provide them with with any documents that they ask for and to answer any of their questions. It will provide for consistency in response and make it easier for the Audit Team to understand the situations.
Warren Hoffman
For me the most steategic action is to prepare all my files, make sure all calculation are correct , verification complete with all the compliacnce documents
