Posts

Clearinghouse’s 2015-2016 Annual Audit Now Available

The Clearinghouse’s 2015-2016 Annual Audit and Division of Responsibilities are available on the Resources page of the Audit Resource Center site. RSM US, LLP, conducted the independent audit of the Clearinghouse’s compliance with applicable Federal Student Financial Assistance programs. The annual audit covers the time period from July 1, 2015, to June 30, 2016. The review was conducted in accordance with the U.S. Department of Education’s audit guide, “Audits of Federal Student Financial Assistance Programs at Participating Institutions and Institution Servicers.” The Clearinghouse received no audit findings.

2015’s Top 10 Audit Review Findings from FSA Conference

Each year at the annual Federal Student Aid (FSA) Conference, the Department of Education gives a presentation on the “Top 10 Audit Findings.” And every year the findings (for the most part) seem to be the same.

So for this post, we are going to give you the list of the findings along with ways to help prevent those related to “NSLDS Roster Reporting Inaccurate/Untimely Reporting.”

Top 10 Audit Findings, according to the Department of Education:

  1. Repeat Finding – Failure to Take Corrective Action
  2. NSLDS Roster Reporting – Inaccurate/Untimely Reporting
  3. Return of Title IV (R2T4) Calculation Errors
  4. Return of Title IV (R2T4) Made Late
  5. Verification Violations
  6. Pell Overpayment/Underpayment
  7. Student Credit Balance Deficiencies
  8. Entrance/Exit Counseling Deficiencies
  9. Qualified Auditor’s Opinion Cited in Audit
  10. G5 Expenditures Untimely/Incorrectly Reported

“NSLDS Roster Reporting – Inaccurate/Untimely Reporting” is usually one of the top three audit findings each year at the FSA Conference. At the Clearinghouse, our processes are designed to help your school ensure compliance. Here are some ways you can prevent this finding from occurring at your institution.

  1. Review your Clearinghouse schedule: Are you reporting every 30-45 days? If not, modify your schedule on our secure website.
  2. Review the data you submitted to the Clearinghouse: Are enrollment status changes being transmitted properly? Feel free to log onto our secure site to complete random reviews of your students’ enrollment reporting for compliance.
  3. Check your SSCR submission history on our secure site. The reporting should show monthly submissions to NSLDS.
  4. Complete quality checks on your data: Does your data match what is stored in the Clearinghouse database? If not and a correction is needed, feel free to complete an online update via our secure site.
  5. Contact the Clearinghouse with any data integrity or quality issues or questions. We are always happy to help!

2014’s Top 10 Audit & Program Review Findings

Each year at the annual Federal Student Aid (FSA) Conference, the Department of Education gives a presentation on the “Top 10 Audit Findings.” And every year the findings (for the most part) seem to be the same. So for this post, we are going to give you the list of the findings along with ways to help prevent those related to “Student Status – Inaccurate/Untimely Reporting.”

Top 10 Audit Findings, according to the Department of Education

  1. Repeat Finding – Failure to Take Corrective Action
  2. Return of Title IV (R2T4) Calculation Errors
  3. Student Status – Inaccurate/Untimely Reporting
  4. R2T4 Made Late
  5. Verification Violations
  6. Pell Overpayment/Underpayment
  7. Qualified Auditor’s Opinion Cited in Audit
  8. Student Credit Balance Deficiencies
  9. Entrance/Exit Counseling Deficiencies
  10. G5 Expenditures Untimely/Incorrectly Reported*

“Student Status – Inaccurate/Untimely Reporting” is usually one of the top three audit findings each year at the FSA Conference. At the Clearinghouse, our processes are designed to help your school ensure compliance. Here are some ways you can prevent this finding from occurring at your institution.

  1. Review your Clearinghouse schedule: Are you reporting every 30-45 days? If not, modify your schedule on our secure website.
  2. Review the data you submitted to the Clearinghouse: Are enrollment status changes being transmitted properly? Feel free to log onto our secure site to complete random reviews of your students’ enrollment reporting for compliance.
  3. Check your SSCR submission history on our secure site. The reporting should show monthly submissions to NSLDS.
  4. Complete quality checks on your data: Does your data match what is stored in the Clearinghouse database? If not and a correction is needed, feel free to complete an online update via our secure site.
  5. Contact the Clearinghouse with any data integrity or quality issues or questions. We are always happy to help!

*New finding added in 2014.