Student Financial Aid Audits | Origin: FA110
This is a general discussion forum for the following learning topic:
Developing an Efficient Financial Aid Office --> Student Financial Aid Audits
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
I learned it is very important to use the highest ethics when dealing with Financial Aid.
Cheating can lead to dire consequences.
Always stay in compliance or you will be faced with imprisonment/fine.
I didn't know about the fines or the scores. Interesting for sure
The importance of doing this correctly and the cost and consequences of doing the wrong.
I learned an error rate of 5% means there cannot be more than two late returns found in a sample during the audit.
$67 thousand in fines AND imprisonment is insane. Just do right the first time, to avoid being fined in the first place!!
Audits are to be taken seriously. Stay in compliance.
I have leared about the 90/10 rule and the imprisonment/fine consequences.
This Module allows to evaluate the distinctions between Compliance Audits and Financial Statement Audits.
• Recognize when and where these audits should be performed.
• Identify who can perform these audits.
• Determine appropriate solutions for problems discovered in these audits.
I learned about how the department of education uses the 90/10 rule.
Avoid getting to get fined at all cost
The fines listed should deter most if not all potential suspects.
Defrauding is a serious offense and has different consequences depending on the severity.
The sanctions listed should certainly be a deterrent for anyone who knowingly or willingly commits a violation.
Administering Title IV is a big responsibility and as Financial Aid Managers we need to make sure that our team is properly train to avoid any violations due to ignorance of the rules and regulations established by the Department of Education.
Consequenses of dishonest behavior
Most schools never regain eligibility after loosing it
