Federal Student Loans: Audits and Reviews of the Federal Family Education Loan and Federal Direct Loan Programs
DIANE Publishing, 2010 - 20 pages
These are the briefing slides in response to section 1119 of the Higher Educ. Opportunity Act. This act mandated a study of the financial and compliance audits and reviews required or conducted for the Fed. Family Educ. Loan and Fed. Direct Loan Programs. On August 6 and 7, 2009, the author briefed the staff of congressional committees on the types of audits, reviews, agreed-upon procedures, and reconciliations that are required or conducted for these programs. The author has incorporated additional information on the agreed-upon procedures engagements required by the Ensuring Continued Access to Student Loans Act and the reconciliations performed by the Dept. of Education's Office of Federal Student Aid. Charts and tables.
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9.5 percent special Agreed-upon procedures engagements Annually IPA 20 applicable statutes Assess entity compliance Assess lender assurance that entity AUDIT/REVIEW Objective audits and reviews Authority FFEL DL Based on risk Compliance Assess entity compliance with applicable contract terms Discretionary Discretionary DL programs Education's ensure that loan entity financial statements Family Education Loan Federal Family Education Federal Student Loan FFEL and DL FFEL program free of material Frequency of Audits guaranty agency requirements Information Security IPA 34 CFR IPA Section 20 lender and secondary Master Participation Agreement material misstatement OMB Circular percent special allowance Performed by Authority program participants program requirements Program reviews Enforce Provide reasonable assurance Put Agreement putable regulations Required Not Applicable2 required or conducted Required Required Reviews cont Schools Scope and Methodology secondary market compliance September 30 Special Allowance audits statements are free statements Provide reasonable student and parent student loan programs Third-Party Servicers Types and Frequency U.S. Government