Caitlin,
Your points of action are the correct ones to attack. It has been my experienced the more organized and streamlined student FA files appear the smoother and audit or review will go. It provides a visual booster of confidence on how the students are processed in the Financial Aid Department.
sincerely, Chyrl
A main concern in dealing with auditors is to make it easy for them to do thier jobs. Organization of files and careful record keeping are daily goals so that, upon auditing, there is no confusion, searching for things, or general panic. Also, assuring employees that this is procedure and not a sign of trouble.
Donney,
Your practice on keeping your records current is one of the best methods to insure that the auditors are working off of the current and accurate data. Another good idea is to have all files in a standard format (regardless of storage paper or electronic). This will enable auditors to quickly work through their process of review. Also, it gives the physical appearance of organization and thorough processing.
Best wishes in your continued success in online education.
Sincerely, Chyrl
My concern is that my records are accurate and up to date so that an auditor can understand them. I feel that this is an area that i can always improve in. Im always looking for better ideas to better manage my financial records.
Thank you for that information, I will check it out.
Linda,
Being new to the financial aid arena may make the annual audit or other types of review more difficult initially; however, there are several documents (SFA Handbook, Audit Guide, etc.) that are available to you that may answer any questions that may come up. This information will provide guidance on processing of FAFSA's and satifying requirements of ISIR's also.
The process of financial aid is exciting from all aspects.
Sincerely, Chyrl
We have someone else that handles all of the reporting portion of the Financial Aid. I just hope that my processing of the FAFSA and ISIR's are correct.
You are correct Joshua, there is always a since of urgency to ensure everything is put together properly when auditors are coming to audit your FA files. Once you receive the audit sample there isn't much time to prepare. It sounds like you have a good plan in place for this preperation. It always helps to have a checklist in each file that covers all complient issues that you know the auditors will review. The best of luck as you go through this course.
Thanks,
David McGuffee
my greatest concern is having all files ready for the auditors by the time they do arrive. With all the daily tasks plus appoitments its hard to set aside time to focus maily on auditing and gathering files. I usually work late while students are in class and set aside hour to 2 hour slots where I can focus on preparing.
Teresa,
I think that is a very good observation. The misunderstanding could be on either side - the person delivering the message or the interpretation of the message. Whenever you do not understand the auditor's point of view you should ask for it in writing with the auditor's regulatory references. This will enable you to review the written word and the regulations to determine if you are hearing their concern correctly or they are misstating the issue.
Hope that your online education experience has been positive and that you continue your education.
Sincerely, Chyrl
My greatest concern when dealing with auditors is being able to understand what they are asking for and being able to make myself understood when responding. Many times an auditor will see something one way and you will see it another. I have learned over the years just to listen very carefully to your auditor but also be honest and forthright with them because they are human and can make mistakes just as well as you can.
Jennifer,
That is an excellent idea and in my experience a single workflow to a file is a great way to enable auditors to quickly navigate the student file.
Thanks, Chyrl
My greatest concern is making sure my files are in order and not difficult for an auditor to navigate through. I have a coversheet for each award year and on the coversheet each item that is required to be in the file is listed, then all documents are in that order. This makes it much easier for me to review as well as an auditor.
