Finding 1090352 (2024-003)

Criteria or Specific Requirement: The College must accurately report the student's effective date of their out of school status. Condition: The examination disclosed 4 students, out of 17 student files tested, in which the verification was performed inaccurately. Student A was selected for V1 verification. The taxes paid on the ISIR reflect a dollar amount of $0, but according to the 1040 taxes paid should have been report as $1,765. Student B was selected for V4 verification. The V4 form was not dated by the financial aid official, or the driver's license was not annotated with the date it was received to verify the student signed in front of the financial aid official. Student C was selected for V5 verification. The V5 form was not dated by the financial aid official, or the driver's license was not annotated with the date it was received to verify the dtudent signed in front of the financial aid official. Student D was selected for V4 verification. The V4 form was not dated by the student and the financial aid official, or the driver's license was not annotated with the date it was received to verify the student signed in front of the financial aid official. Context: In planning and performing our audit procedures, we obtained an understanding of the design and implementation of internal controls related to the College's student financial aid grants. Additionally, we performed substantive audit procedures to obtain audit evidence verifying the completeness, validity, and accuracy of the student financail aid grants. Questioned Costs: $0 Effect: The student's interest rates for the repayment of the direct loans may be effected. Cause: An oversight was made by the institution. Repeat: No Auditor's Recommendation: We recommend that the institution update the student's effective date after the error was identified. View of Responsible Officials: Management acknowledges the finding and has prepared a corrective action plan.