Jason, Timeliness, accuracy, and organization go hand-in-hand when working in financial aid and being prepared when auditors are due in to complete audits. If your student sample files are provided to the auditor in a neat and organized manner it allows the auditor to complete thier audit in a timely manner and also demonstrates that your school and financial aid office are on top of your day-to-day responsibilities.
Regards,
David McGuffee
accuracy! I tryto stay on top of everything so that my school does not fail due to something i did not do
Millie, One thing that is important when dealing with auditors is ensuring that each selected file sample is in the same order as the next one. Orderly files can provide the auditor with the assurance that you and your financial aid officers know what they are doing. It also helps to speed up the audit process for the auditor so that their stay at your school is nominal.
Regards,
David McGuffee
Our biggest concern in dealing with audits and auditors is keeping records up to date to be sure that the auditors are provided with accurate data.
In our college we use checklist in each file to cover all items that the auditor reviews. There is always room for improvement so our college is always looking for better ideas to manage our financial records.
Regina, I also agree with you. It is so very important that all sample files selected in an audit be in the same perfect order. This makes the audit process for the auditor go smoothly and quickly. It leaves them with a good impression that the financial aid office knows what they are doing. Regards, David McGuffee
David McGuffee
I agree that all documents should be in order, I color code the award years this helps me and anyone else that looks in the files, I also have a comment sheet that information is record on. Audits can be rewarding at times to a Financial Aid Office. It keeps us aware of how important is is to take are time when processing students, and disbursing financial aid.
Josefina,
You comments are right on track with how I handled the process when running a FA Office. I always maintained a checklist on documents required, dated collected and results in each student file. Also, I would have my FA Officers check each others work periodically (usually quarterly). We would switch files and check each other to insure all documents collected and proper action taken. Twice a year we would do a mock-audit and test the sample files from enrollment through disbursement and reporting/reconciliation. It was a very comprehensive process but limited any exceptions in an audit.
Chyrl Ayers
My concern is that I may have overlooked something. We try to keep our records updated and have checklists for the documents which we're supposed to have. We have s system of checking a few records every month and if there are auditors coming we usually go over a percentage (at random) of our records.
Nikki,
It sounds like you have developed a winning methodology to face your audits and rise to success. Congratulation on finding a solution that works for you and your audit.
Chyrl Ayers
I have learned not to stress over any audits, I have had the worse luck in timing with any audit I have ever had, used to stress myself out so bad but when it was over we were fine. Learned that communicating with my school director and her reassuring me that we are doing everything we are supposed to be doing has lessened the stress when it comes time for my audits.
Corinna,
Your comments are not uncommon when discussing how to handle the annual audit and auditors. It is important that all of the requested materials are organized and presented in a manner that the auditors may easily review. If the auditors have questions you need to fully understand the question and be prepared to answer with supporting documentation. It has been my experience that it is critical to resolve any questions or findings before the auditors leave or take the report to final stage. If you have someone knowledgeable that can review the files as a second eyes that is always beneficial.
Best wishes with your in your new job in the Financial Aid Department.
Chyrl Ayers
The Auditors are coming, :-) it is a scary thing but how will I deal with it would be to double check my work that I may have done and go back over the work the person did before me... that would be my big OMG when it comes to auditors.. Being well organized everything in its right place should make it go well.
I believe that it is always a good thing to have someone in the same office to check over your work. Even better when you’re new at your job in the FA department.
ROBERTO,
Perfection is not always possible. It is important to go back at later time and recheck your work and this is a great way to identify any mistakes. I understand how difficult it can be to handle a Financial Aid Office as one-person show. Early in my career I was placed in a similar situation and ultimately it was the best training I ever received. However, I know it can be overwhelming with monthly starts but I encourage you to take momentand step back when you feel overwhelmed. Based on your answers during this course it is evident you are working diligently to service students in a positive and accurate manner.
Best wishes as you grow your office and service your students.
Chyrl Ayers
I also agree that it can be nervous; after lots of years in financial aid I realize that I can not be perfect we all make errors but the good thing is it can be fix. Its hard for a one person office witth monthly start with hardly down time to review your work but I have learn to do the best that I can. Hopefully this year they will have someone to do Preliminary so I can focus more on reviewing the FA Files.
Milenka,
These are good methods to ensure the compliance with the regulatory requirements. I encourage Financial Aid staff to monitor and review files periodically to ensure accurate processing for students.
Chyrl Ayers
My biggest concern in dealing with audits or auditors is keeping records current to insure that auditors are provided with accurate data.
We use checklist in each file to cover all the issues that the auditor may review. We also use standard filing formats for easier file access.
Joy,
Your approach is a very thorough approach to ensure 100% compliance in the student files. Based on your answer you seem to have a very solid practice to inspect what you expect. I think this is a very admirable approach to take to ensure the students' files are accurately processed.
Great job at working to ensure you are prepared for audits.
Chyrl Ayers
My greatest concern is having any findings on my audit. I want my audits clean. My office operates under the premise that every file will be selected for an audit on any given day. We spend our year preparing for the audit every day as we work our files. No matter how cautious, how careful and how compliant one tries to be mistakes happen, thinks are missed, errors are made. That being said, the next greatest concern would be having the same finding in two consecutive years. We recheck our PELL payments at the end of the year right before our audit. We do random file selections every quarter to check for compliance, proper documents and confirm that aid has been awarded correctly. It is a given, with every audit, there is always a bit of nervousness.
My greatest concern dealing with audits or auditors would be hesitation. I say this because I am new to my campus and I would like everything to be perfect but their may be some past errors that I may not be aware of. I own the department I work in so I would earn the errors found, I would say I don't really have an issue because I know the finding will only strengthen the departments future success. Audit Finding can be a good way to correct oversite errors made.
Abby,
The best way to prepare for the audit is to pull a sample of the studentt files and ensure all documents are in in the file and eligibility requirements are clear documented within the file. I would recommend reviewing the material pusblished on ifap and searching for information on audits and program reviews.
Best wishes in your continued online FA education.
Sincerely, Chyrl
