Financial statement audits prepared under the Department of Education’s new Audit Guide will involve more detailed 90/10 testing and note disclosures. Read more in the seventh post of our Audit Guide series.
The sixth post in our Audit Guide series focuses on the new requirements for third-party servicers. Institutions of all types that use any third-party servicers should become familiar with these new Audit Guide requirements.
ED’s New Audit Guide Mandates More Detailed Assessment of Institutional Compliance with Clery Act Campus Crime and Security Requirements
The Clery Act is the focus of the fifth post in our Audit Guide series. The new Audit Guide significantly expands the scope and detail of information that auditors are now required to review to evaluate a school’s compliance with the Clery Act as part of the annual Title IV compliance audit process.
Increased Student Samples, Student Confirmations and Site Visits Mean Expanded Audits Under ED’s New Audit Guide
In the fourth post of our Audit Guide series, we focus on three significant process expansions: the size and composition of the required student sample, the student confirmations auditors are required to perform and how site visits are conducted.
Gainful Employment data reporting is the topic for the third post in our Audit Guide series. For the first time ED is requiring that independent audit firms conduct extensive testing relating to Gainful Employment data reporting and mandated disclosures as part of their annual Title IV compliance audits.
ED’s New Audit Guide Mandates Greater Scrutiny of Compensation Practices under the “Incentive Compensation” Rule
The second post of our Audit Guide series focuses on the incentive compensation rule. The new Audit Guide requirements significantly expand the review required by auditors to assure compliance with the incentive compensation rule.
The new Audit Guide for Title IV compliance audits includes numerous, expanded requirements for accounting firms to use in conducting required annual audits. The Audit Guide applies to Title IV compliance audits for fiscal years ending June 30, 2017 or later for for-profit higher education institutions and for third-party servicers that administer any aspect of the Title IV programs on behalf of any postsecondary institutions.