Federal Auditing Information Service for Higher Education

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Annual Subscription Includes: Softbound book Monthly print newsletters (10 issues) Subscriber-only Web site access Annual Subscription Price: NACUBO Member: $407 Non-Member: $507 ISBN: 1-933801-27-1 Pub code: FAS

The higher education community has always been vitally concerned with accuracy and accountability in financial reporting. But today's pressures on auditors — and in fact everyone involved in the auditing process — are more intense than ever and come from every direction possible, including the Office of Inspector General (OIG), the media, the GAO, Congress, community and political leaders, and accounting and consulting firms themselves, to name a few. Federal Auditing Information Service for Higher Education provides timely, authoritative information to help you prepare for and manage audits mandated by the federal government.

Published by NACUBO in conjunction with AIS, Federal Auditing Information Service for Higher Education is an easy-to-use information system designed especially for college and university business officers. It provides the practical assistance you need to:

• Prepare for and manage your institution's annual OMB Circular A-133 examination of its expenditure of federal funds;
• Deal with IRS audits related to quarterly and annual returns, tax-exempt status, unrelated business income, employee vs. independent contractor issues, FICA and other student-employment related issues;
• Handle unexpected visits or requests from representatives of federal OIGs, the GAO, the Defense Contract Audit Agency and other agencies;
• Manage audits of federally sponsored student financial aid programs;
• Have easy access to all federal auditing requirements; and
• Deal with the ongoing revolution in the auditing profession.
  

• A Guide to Federal Auditing for Colleges and Universities, a comprehensive softbound book (revised & republished each summer) with practical overviews, checklists, decision trees and other how-to materials on A-133 audits, student aid audits, IRS audits and more. (See table of contents below).
  
• Monthly Newsletter: 10 times a year (monthly with combined issues in July/August and December/January) you will receive Federal Auditing News, an informative newsletter that tracks major developments with a direct impact on you and your institution. You'll stay on top of what auditors are focusing on, "hot button" areas the IRS may scrutinize next, new government rules and audit activity, the decisions of courts and appeals boards, and much more.
  
• Web Site: Access to a password-protected Web site that places at your fingertips all of the pertinent OMB, IRS and GAO documents you'll need for later reference. Among the many documents you can access: OMB Circulars A-133, A-21, A-110, A-50, A-122, and A-102; GAO's Government Auditing Standards ("Yellow Book"); the annual OMB Compliance Supplement; and the IRS College and University Examination Guidelines.

The Single Audit Act * Revisions to Circular A-133 * The Structure of Circular A-133 * 'Nonfederal Entity' * National Single Audit Sampling Project

The Basic Audit Requirement * Federal Awards * Frequency of Audits * Relation to Other Audit Requirements * Allowability of Audit Costs * Sanctions

Identifying Federal Awards Received * Maintaining Internal Controls * Complying with Applicable Laws and Regulations * Preparation of Financial Statements and the Schedule of Expenditures of Federal Awards * Arranging for Audits: Circular A-110 Requirements * Follow-Up on Audit Findings * Report Submission

The Cognizant Agency for Audit * Awarding Agency Responsibilities * The Role of the Federal Auditing Clearinghouse * The Management Decision

Identify Source of Federal Funds * Legal and Other Grant Requirements * Monitor Activities * Ensure A-133 Requirements Are Met * Issue Management Decisions * Adjust Records * Access to Records

Financial Audits * Compliance Auditing * Auditing Internal Controls * Major Federal Programs

The Auditor's Report * Nature of Audit Findings * National Single Audit Sampling Project: Completeness of Reports

Responsibilities of the Auditee * The Role of the Institution’s Audit Committee * The Auditor Selection Team * Federal Requirements for Auditor Procurement * The Audit Procurement Process * Selecting an Audit Firm to Bid on Audit Work * The Request for Proposal * Evaluating the Auditor Proposal * Auditor Engagement * Additional Protections to Consider * Procuring an Audit Firm for Both Audit and Nonaudit Services

Preparing for an A-133 Audit * What Will Take Place During the Audit * The Role of the OMB A-133 Compliance Supplement * Managing the Audit * Dealing with Adverse Findings * Public Disclosure of Audit Results * The Management Representation Letter * The Lawyer's Letter

Internal Control and Improper Payments * Activities Allowed or Unallowed * Allowable Costs/Cost Principles * Cash Management * Davis-Bacon Act * Eligibility * Equipment and Real Property Management * Matching, Level of Effort, Earmarking * Period of Availability of Federal Funds * Procurement, Suspension, and Debarment * Program Income * Real Property Acquisition and Relocation Assistance * Reporting * Subrecipient Monitoring * Special Tests and Provisions

Compensation for Personal Services * Equipment Acquisitions * Consultants and Purchased Services * Scholarships, Fellowships, and Training * Service Centers and Shared Costs * Operation and Maintenance Expenses * General Administration Expenses * Sponsored Projects Administration Expenses * Library Expenses * Departmental Administration * Student Administration and Services * Application of Research Rate

Requirements Concerning Subcontractors * Requirements Relating to Subrecipients

The Federal Government's Audit Review Process: An Overview * Reviewing Audit Reports: Reaching a Final Decision * Arguments To Be Advanced by Institutions * Sanctions * Appeals of Final Management Decisions * Appeals Bodies and Mechanisms * Obtaining Due Process in Grant Disputes Where No Appeals Mechanism Exists * Other Appeals * Legal References

The IRS Structure for Exempt Organization Audits * Establishing a Tax Compliance Program * Types of IRS Audits * How the IRS Selects Institutions and Prepares for the Audit * Initial IRS Contact * Preparing for an IRS Audit * The Pre-Examination Conference * What Records to Expect the IRS to Request * Financial Statements * Completion of the Examination * The Appeal of an Adverse Determination * Post-Audit Procedures

Employment Tax Audit Issues * Scholarships and Fellowships * Taxes Applicable to Foreign Students * Charitable Purposes, Private Inurement, and Intermediate Sanctions * Executive Compensation and Expenses * Unrelated Business Income Tax (UBIT) * Fund Raising and Other Contributions * Donor Advised Funds, Sponsoring and Supporting Organizations * Corporate Sponsorships * Political Activity * Debt Structure * Tax-Exempt Bonds * Determining Taxability of Research and Development Projects * Joint Ventures * Abusive Tax Shelters

How to Use This Audit Program * Summary of Compliance Determinations

Institutional Eligibility and Participation * Cash Management * Financial Reporting * Student Eligibility * Disbursements * Return of Title IV Funds

Program Objectives * Program Procedures * Types of Expenditures Allowed * Program Performance * Financial Reports

General * Federal Perkins Loan * Federal Work-Study * Federal Supplemental Educational Opportunity Grant

Federal Family Education Loan * Federal Direct Loan * FFEL and FDL: Program Procedures * Program Performance * FFEL and FDL Status Reporting