Statements of Position

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Description

The U.S. Department of Education (ED) Audit Guide Audits of Student Financial Assistance Programs (ED Audit Guide) requires institutions that participate in its student financial assistance (SFA) programs to engage independent auditors to audit certain aspects of their participation in those programs. Among other reports, auditors who perform such audits are required to issue reports on (1) the participating institutions' compliance with laws and regulations specified in the ED Audit Guide, and (2) the internal control structure used by participating institutions in administering the student financial assistance programs. The ED Audit Guide requires an institution's auditor's reports on compliance and the internal control structure to encompass any functions performed by service organizations, as defined in this proposed statement of position. This proposed statement of position would amend the Audit and Accounting Guide Audits of Co/leges and Universities to: 1. Provide guidance on an institution's auditor's responsibilities when auditing compliance with the requirements applicable to SFA programs and the internal control structure over compliance at an institution that engages a service organization to perform certain functions related to the administration of its SFA program. 2. Provide guidance on a service organization's auditor's responsibilities when auditing compliance with the requirements applicable to SFA programs and the internal control structure over compliance at a service organization that performs certain functions related to the administration of an SFA program.

Publication Date

1992

Relational Format

Book

Keywords

Student aid -- Auditing -- Standards -- United States; Auditing, Internal -- Standards -- United States; Compliance auditing -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement of position : compliance and internal control auditing for student financial assistance programs using service organizations : proposed amendment to AICPA audit and accounting guide, Audits of colleges and universities;Compliance and internal control auditing for student financial assistance programs using service organizations : proposed amendment to AICPA audit and accounting guide, Audits of colleges and universities; Exposure draft (American Institute of Certified Public Accountants), 1992, Apr. 29

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