We have a variety of support services to assist you with the U.S. Department of Education’s (ED) requirement for an annual Compliance Audit performed by an independent CPA firm on your federal student financial aid.
We can provide the contact information of many independent CPA firms that are heavily experienced in Compliance Audits, as well as Financial Audits, another ED annual requirement of your school. These firms offer their audit services at competitive prices and cover the entire U.S., an important consideration for schools with locations in multiple states. Since these firms specialize in Compliance and Financial Audits for schools, and perform dozens and even hundreds of audits for schools using FAME’s Financial Aid Services, the time required to perform these audits is greatly reduced, and as a result your audit costs are minimized – two very important considerations when evaluating CPA firms.
In addition, we provide all clients with our comprehensive Audit Reports Package (ARP). Simply log onto FAME Connect with your secure passcode and you can order our ARP in just 3 easy steps:
- Select which school(s) need their ARP
- Select start date & end date of time period to be audited
- Select date you want to receive the reports, ALL DONE!
Once your order is placed, you will receive an Order Acknowledgement Notice via email. If your auditor requested the ARP, both you and your auditor will receive emails.
Once your ARP is ready, you will receive a Delivery Notice via email, so you can download the reports from FAME Connect. If your Auditor requested the ARP, you and your auditor will receive the emails. To maintain security, only your authorized school contact can download the reports.
The Audit Reports Package consists of over 50 reports that were developed in conjunction with FAME’s Auditor Users Group. This is a group of CPA firms that specialize in preforming ED Compliance and Financial Audits for schools. The group ensures that the reports package meets all current requirements of ED’s most recently published Audit Guide, as amended, for a student financial aid Compliance Audit, as far as data available from a Financial Aid Servicer.
Once a Compliance Audit is completed and submitted to ED, our Consulting Services Department can assist you with audit responses and related matters.
Our Audit Services are another way FAME works hard assisting you to efficiently administer Title IV funding to your students.