My greatest concern is to ensure all of my records in the best, accurate and up to date data. All record should folow the basic filing format, I use to make the lists of files that make the auditors easy to acess .
My greatest concern in dealing with audits or auditors is the accuracy and how something can be easily missed. The files we think might be missing can be found through an audit. I think a good way to handle this is keep track of the files and organize it so it's easier for both the auditor and school.
Megan,
That is the best approach to insure that you can quickly review and determine if anything is missing. Also, it has been my experience that most auditors really appreciate a well-organized file.
Sincerely, Chyrl
I second your statement. We do the same at my school. Each file has a check sheet of every item that should be in the file. This helps keep each file organized and easy to navigate through.
Megan,
Based on your email you are taking the necessary steps to ensure the files are accurate and organized. These steps are the best way to identify issues and resolve or prevent all together. Preparation is one of the best methods to guarantee a pleasant audit experience.
Best wishes on your continued education online in Financial Aid.
Sincerely,
Chyrl
We took the same steps as you. We have a checksheet listing all items that need to be in the file. We then had our student workers along with Financial Aid Officers (when they had time) go through each individual file to make sure everything was present. This not only helped us organize, but also helped in making sure we were prepared for the audit.
Merilyn,
I agree that a standardize format that is neat and precise is extremely beneficial when you are insuring compliance. I always maintained a standard format in my FA Office and it allowed me to quickly determine if a student file was complete or missing a document. Your process is excellent way to insure accuracy in the student file.
Best wishes in your contunued online education process.
Sincerely, Chyrl
Hi Chyrl,
My small concern is making sure my files are neatly organized and documents are in order according to the checklist. I handle this concern by reviewing my files for accuracy on a regular basis.
Merilyn Sweet
Jane,
It is difficult to come into a new environment and have to figure out why someone else did what they did. The best action for you is to continue to be prepared for reviews. It may be beneficial to locate your campus' Policy and Procedure Manual since this normally contains most of the requirements for processing of TIV Funding.
Best wishes in your continued online education.
Sincerely, Chyrl
I have only been in FA since Feb. of 2009 and it seems I have a lot to learn. I have been through 2 financial audits and then the results of a compliance audit from a previous year which I had to address. I just learned that this is our year for accrediation, so I guess I'll learn that too.
I try to make sure I know what is coming up in the next 6 months to prepare.
I wish there were some guidelines to help steer me since my predecessors did not leave any kind of notes as "how I did this" or "cheat sheets".
Christina,
I strongly agree that being prepared and organized for the audit is critical to its success. Ensure that the documentation is in proper order and all present will enable the auditors to quickly review and determine there are any issues.
Do you have any tips on your approach to the annual audit that could be of benefit to the other online FA Administrators participating in these classes?
Sincerely, Chyrl
My greatest concern is the organization of files. I have gone through 2 audits so far. Both have gone very smoothly because the auditors will send me a list of what they need. I have everything ready when they arrive.
Joan,
I think both of your suggestions are good and will definitely allow auditor to quickly review and determine compliance of student files. If I was in a college FA Office I would have a Peer Review SOP. I think we all could learn and share more within our departments.
Sincerely, Chyrl
Making sure all your files are in the same order helps the auditor navigate through the files more easily.
We also have a peer audit in the finance office. This helps us catch issues before we have an audit.
My biggest concern when the Auditors are coming is that they find everything in the right order. I make sure they will have all required documentation ready for them and that the files are completed and in the order established by our procedures manual.
My greatest concern is that I can answer any questions or concerns that the auditor may have timely. I think this is why I spend so much time reviewing regs...to make sure that I know everything.
With respect to files...making sure that they are all kept the same way helps find no issues/issues quickly. I look at the audit as a way to help me do a better job if I do miss something.
Allen,
The following items should be ready for the auditors:
Admission, Academic and Financial Aid Files organized and in concise order;
A/R Cards, attendance, and academic transcripts should be up-to-date and properly prepared;
Fiscal Records should be properly updated and prepared; and
RT4,Tuition Adjustments and Exit Counseling should be prepared for the auditor.
Best wishes in your continued online FA Education.
Sincerely, Chyrl
My main concern with an audit is the financial portion.I am a financial aid advisor for my school.I am preparing for our audit by liStening to past experiences from my financial aid director.I am new to the field so I am excited about our upcoming audit.
What are some thingd I should look out for?
Maria,
I understand the way you feel about never enough time in the day; however, it would be very beneficial for you to start on the SFA Handbook and the Audit Guide. These tools will enable you to be aware of what is required of you in daily processing of TIV and what the auditors will be looking for annually in their review. I am sure that you third party servicer could be of assistance on where to start.
I wish you the best in your FA online education process.
Sincerely, Chyrl
I am also new to the financial aid arena. This is a small school and was accredited a few months ago. I have been working as the financial aid director since then. Of course, I have the school director who helps me and guides me a lot and also have a third party servicer who answers all of my questions. This a a very exciting position and I enjoy what I do. But since I have never had an audit yet, I am still a little concerned that I may be making mistakes without knowing it.
I have been planning to read the FSA Handbook since I started(to learn more and make sure I am doing things correctly, but the days seem to be too short.
