Sarah and I are in the same boat - late refunds are a huge concern for me. I'm really looking forward to processing R2T4s in house. I think it will greatly reduce the risk of late refunds as the processing timeline will be under our control.
Sarah,
You have the right ideas related to timely processing of refunds (and the potential for an audit finding). Auditors definitely understand, test and report the results of RT4 calculations and refunds. Staying organized and meeting the refund timelines are critical.
Sincerely,
Chyrl Ayers
My greatest concern is late refunds. The way to combat it is to stay organized and keep careful track of the sensitive timeline that we have to manage.
Sharon,
Based on your answers to this discussion question you and the school team is working diligently to insure accurate processing of financial aid. It is not necessary to be scared or fearful of an audit. Audits are a good way to measure how the school's overall success rate with financial aid compliance standards. Your positive approach will continue to benefit you and your school going forward.
Sincerely,
Chyrl Ayers
I have been very fortunate so far with my audits. I have a great team here at the school. I don't get scared or nervous because they are coming. They are doing their jobs also. I think we need audits to keep all of us in check. I have heard stories of schools being closed for all kind of things. I don't want that to happen here.
Wanda,
As discussed by other financial aid professionals in this forum it is critical to review your student files to insure compliance. The Financial Aid team has to have strong internal processes and procedures that are followed throughout the award year and it is necessary to test these procedures to insure continued compliance before your audit. Based on your comments you and your team are making this happen in your office.
Good comments.
Sincerely,
Chyrl Ayers
My greatest concern in dealing with audits is ensuring that all files are up to compliance. The way we handle this concern at our school is that each and every time we have a student file in hand for what ever reason, we review that file to make sure that it contains everything that it should. If there is something missing, we take action at that moment to obtain the missing documentation. This method is helpful because it's almost as if we are conducting our own in-house audit for every file. That has been very helpful in ensuring files are complete.
JoAnne,
Preventiveness is a great approach to guarantee the accuracy of students' financial aid processing. Also, you are correct humans do make errors and normally these errors are isolated and do not point to systemic problem. You have to be mindful of a training issue that the staff may have that could affect numerous files. I believe if you "inspect what you expect" you have the greatest opportunity to insure the accurate processing of Financial Aid.
Sincerely,
Chyrl Ayers
I think my greatest concern with dealing with auditors is not being able to explain how or why a finding has occured within a student file. (Human error aside of course!)
I handle that by consistently reviewing students' files thruout their program, as well as a full comprehensive review just before their Exit Counseling to ensure that all pieces are in place and that everything has been processed properly along the way.
Sterling,
I really like the way you indicated that auditors are your partners. They are an important part of the financial aid process and are able to assist us in strengthening our procedures and methods of processing. Also, auditing throughout the year is a great way to be prepared for your annual audit. If every time you work with a student file you take time to insure that the correct process is followed you should have a good audit every year.
Sincerely,
Chyrl Ayers
Tina,
Great point - an audit does not start when the auditors arrive but it is a process that builds with the creation of the each student's file. If you approach the audit process at the earliest point you will be more successful. You have to maintain accurate files and reports so the auditor are able to see the accuracy of your process. Good policies and procedures are important to insure that all are focused on handling the process in a consistent manner.
Sincerely,
Chyrl Ayers
I choose not to worry about the arrival of auditors as I see them as partners in ensuring that students are receiving the correct amount of funding. As long as I audit each file throughout the year as I'm filing paperwork, my files will always be audit-ready. I never consider a visit from an auditor a punitive action as they are simply here to help us improve our processes.
Making sure that the files are accurate and clean. I try not to stress. That is what I did the first couple of years before an audit, which did not help anyone. I plan all year long, making sure that all student files are the same, knowing that any of the files could be chosen. I do tend to review, review, review prior to an audit, to make sure that I have not missed anything. My president, registrar and front desk manager are very helpful before and during the audit to make sure everything goes smoothly. They help to handle any concerns.
Alisha,
Great attitude toward a process that makes most uncomfortable. I agree audits are a good way to measure your success in Financial Aid from compliance to procedures. If you have a finding it is an opportunity to correct and improve the process. It is important to insure your files and Policy and Procedures are organized and clearly document the action you take to service your students.
Sincerely,
Chyrl Ayers
I welcome audits as it provides a real time snap shot as to the status of the department. While the goal is always to not have a finding, a finding can help to identify areas of deficiency. An audit should be considered as an opportunity to highlight solid areas of performance and to identify areas for improvement.
Jeanine,
The preparation for your annual audit or any upcoming audit starts with the first interaction with a student. It is important that all departments maintain their records in an organized manner. The audit is a look at each student from start to finish - admissions through business office. Each department must be aware of the requirements and insure no conflicting information exist. Inter-departmental meetings are very beneficial in this process.
Sincerely
Chyrl Ayers
My greatest concern in dealing with auditors is obviously findings! I try my hardest to ensure that all my files and information is accurate and submitted in a timely manner. I find that by being efficient in my day-to-day tasks, I can prevent any last minute scrambling when an auditors arrives.
Carol,
You are correct accurate and organized files, reports and other data such as students' Accounts Receivables and Academic records are essential in the audit experience. It has been my experience that most auditors look for organized and accurate records to determine the efficiency of the FA Office in meeting the needs of the students. It is important to maintain policies and procedures to insure the accurate treatment of all requirements.
Sincerely, Chyrl
I fully agree that you need to review all documents that are being requested by the auditor, and make sure these are all in line. Being organized having documentation to back up your files/decisions, and staying calm during an audit will do wonders.
As with most others, I would say that my greatest concern when dealing with an audit is making sure that accurate reports and records have been kept. I believe our records and reports are accurate, and believe it is very beneficial to have a check and balance system in place so that no one person is looking at these documents. If errors are caught with this check and balance, we can then fix these errors and documents before it comes time for an audit.
