Finding Text
Audit Finding Reference Number
2022 – 007 – School Account Statements (SAS) Reports
Federal Program and Specific Federal Award Identification
CFDA Title and Number
84.063 Federal PELL Grant Program (PELL)
84.268 Federal Direct Student Loans (Direct)
Federal Award Number
June 30, 2022
Federal Agencies
U.S. Department of Education
Pass-Through Entity
Not applicable
Criteria
Uniform Guidance Compliance Supplement, Part 5, Student Financial Assistance Programs, Section III, Part N – Special Test and Provisions, Number 7, Direct Loan Reconciliation stipulated that ABC must reconcile monthly the School Account Statement (SAS) data file to ABC’s financial records.
Conditions and Contexts
During my audit of the SAS reports, I noted ABC either did not provide support for the SAS reports or provided conflicting information between the College’s financial records, drawdown reports, and the common origination disbursements system.
Cause
A lack of adequate record keeping by the appropriate personnel.
Questioned Costs
For the purpose of this finding, I have not questioned costs.
Effect
ABC is not in compliance with federal record keeping requirements for the reporting.
Repeat Finding
Yes. See Schedule of Prior Year Audit Finding 2021-007.
Recommendation
I recommend that ABC implement procedures to ensure required reports are prepared as prescribed.