audits
As I went through an audit I understood the connection of title IV funds and DOE. Making sure that the college is on top of its paper work. this information has given me more reason to make sure we stay compliant. Can a college be shut down for too many violations?
I have worked in schools that constantly perform internal audits through an institutional Compliance Department and also schools that don't do (basically) any internal auditing due to daily processes that have proven successful. I personally think regular and routine internal auditing is a great operational direction to take. It allows for constant staff education on "right" vs "wrong" and also works to the benefit of the students, as it forces timely advising and other academics-related activities that are easily put off in the daily shuffle.
Alejandra,
I think schools have become a lot more cognizant of the risks and attempt to do whatever efforts are possible internally. Depending on the school and company structure, that can result in multiple audits, as you indicate. It is likely more common in schools with multiple locations that have a corporate function and staff to support such audits.
Traci Lee
At our institution it seems like there is always an audit. Internal audits in every department, and endless corporate audits. Is this typical in this industry?
Erica,
Certainly this aligns with current news reports of consequences of not furnishing information upon request for some institutions. I think there is always "more to the story" or another perspective or rationale but, the risk is evident.
Traci Lee
Hi Julius & others,
We, at our institution, have not yet been audited; but, I would suppose that if an institution consistantly does not furnish proper information, it would run a high risk of being closed down.
Chana,
Any intentional falsification of information would put an institution at risk. Each agency has their own guidelines for handling such circumstances. Depending on the nature of the circumstance, the agency may consider specifics that could impact the outcome of their decision regarding any consequences imposed on the college.
Traci Lee
If a college provides false information to their auditing agency - and then reports/admits the false information in the next audit - can they lose their license?
Julius,
Penalties vary based on the type and quantity of infractions, as well as if the violation had been noted in prior audits. There are some infractions that could lead to a school losing their eligibility to participate in Federal programs.
Traci Lee
