Sergio,
I agree completely. It is very important if you disagree with the auditor that you provide your regulatory support and do it in a courteous and professional manner. I have disagreed with many auditors over the years including Program Review Officers and it has never been a negative experience.
Great point for all the participants to think about as they approach their audits.
Sincerely,
Chyrl Ayers
Maria,
It is important that your files selected for sample are organized in the same format and all documents not part of the file is provided with the student files. If your auditior provides the list ahead of time you should have the files pulled (or if you store electronically have the files in the appropriate area) and ready to go for the review process. I would have my Policy and Procedure Manual available so the auditors will know how your team processes financial aid requirements. If your campus files a FISAP I would have that pulled and available for the auditors.
Best wishes in your first FA audit and I know you will do great.
Sincerely,
Chyrl Ayers
My experience has taught me that I cannot accept all auditors’ findings. Because of all the years that I have worked in Financial Aid, I have had my share of audits. Always make sure, that you review all findings…Auditors know a lot but they do not know everything(they are also human beings). Not only have I contested findings in audits, I have also corrected auditors in seminars!
My big concern is that in November is my first audit as a Financial aid officer. This is my first year in this position!
Magdali,
It is very important that your FA files are organized in a manner that makes it easy for your staff, auditors and program review officers to review. If all files are organized in a similar manner it makes it easier to identify any missing documents. The organization of the files may vary depending on whether you maintain paper or electronic files. If you maintain electronic files you may want to work with the administrator of the program to ensure that the files are all organized according to the same document follow.
Good luck with your upcoming internal auditor. This will be a great opportunity to look for areas of improvement.
Sincerely,
Chyrl Ayers
My concern is the organization of files. Next two weeks Im going to have an internal Audit and I want for they to find everything en the right order.
Samantha,
Weekly and monthly internal audit reviews is definitely the correct approach to staying on top of your student files to ensure the auditors have no exceptions when they leave. Keep up the good work.
Regards,
David McGuffee
With only two of us in our office, we do monthly and sometimes weekly audits of our files. The last time we knew auditors were coming, we just looked at each other and smiled knowing that we were good. It is still makes us a bit nervous, however we know that following the rules and doing what we need to do daily really helps. I think when there are too many hands in the bowl, so to speak it can get overwhelming and maybe things can get overlooked.
Allison,
Your point is a good one - most FA Professionals do not make mistakes maliciously. The mistakes are ususally due to misinterpretation and an oversight. It is important that you continue your education process through reading, webinars, online educational tools and other education professionals. Audits are a valuable tool to provide confirmation of accurate processing and identify areas that require strengthening.
Best wishes in your continued process of growing in financial aid policies and procedures.
Sincerely,
Chyrl Ayers
My biggest concern is knowing the pitfalls, correcting them, and establishing a system to prevent future issues. Luckily with a small campus I would be able to go through files and identify any issues quickly.But, I can only do what I know to do. If I dont know first hand about the proper process, how would i ever know unless it is discovered by someone who knows better. I could probably remedy all these questions by asking around and doing my own research about standards and proper processes. As well as using forums like this one.
DENISE,
A checklist is a great way to ensure that all student files are complete and accurate. If you are able to automate the checklist through your system so it pre-determines what each student needs that would be a very helpful tool to guarantee no one misses a requirement.
Best wishes in your continued educational experience.
Sincerely,
Chyrl Ayers
We recently changed 3rd party file reviewers and ensuring that my files are not missing documents necessary to process a student's aid was definitely a concern. I overcame the concern by creating a temporary checklist of documents that must be in students' files to ensure that I have not missed anythng.
Laura,
File organization is very important when dealing with audits or reviews. This small courtesy enables the auditors to quickly review each student to determine all applicable documents are present for the review. This is a good practice for you and your team when you review your files to ensure all documents have been collected. The ledger card is a great second check against the file to ensure not only the file is document compliant but in compliance for disbursements that have posted.
Great practice.
Sincerely,
Chyrl Ayers
Here at our campus we keep all our files in the same order so that the auditors can find everything they need. We also make sure we print a current ledger card for the file.
Marni, Staying on top of refunds is one of the most important jobs required of a financial aid office and/or business office. With timeframe deadlines for processing withdrawn students it is so very important that you ensure no student that is withdrawing or has withdrawn falls through the cracks. Auditors understand, test, and report the results of RT4 calculations and refunds. Staying organized and up to date with your timelines are critical.
Regards,
David McGuffee
Our largest concern is probably our student's files regarding return of title IV funds in a timely manner. Leave of Absence reports are run weekly and attendance is reviewed weekly to identify any students that might be necessary to drop. Also, any students we have to terminate are reviewed right away and assigned a completion date. We process drop paperwork at our corporate office on a weekly basis to ensure that funds are returned in a timely fashion.
lori, Preperation and organization are usually the difference between having a good audit or a bad audit. If you have stayed on top of your student files during the year there should be no surprises that pop up during the time the auditors are on-site.
Sincerely,
David McGuffee
I have had experience with both in-house certification and using a third party servicer. Both experiences have been great and I think either way, the key to a audit success is ensuring that all files are in order, have everything available to tem when they arrive, and have a system in place to check for accuracy, consistency, and completeness in fles.
Oh no, the auditors are coming. I really don't get to nervous after having the experience to have gone through numerous of audits. Of course the goal is to have little or no findings. I think if you are organized from the beginning a file is created, and have several internal audit controls set in place then you will always be ready for a audit.
Leslie,
It is important that the campus has a process to ensure the timely processing of RT4 calculations and the return of any TIV dollars that result from these calculations. I realize this is an area that most FA and Business Offices have as a concern. As you bring this process in-house makes sure you document your standard operating procedures to ensure timely and accurate processing.
Sincerely,
Chyrl Ayers
