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| Federal
Auditing Information Service for Higher Education |
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:
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Prepare
for and manage your institution's annual OMB Circular A-133 examination
of its expenditure of federal funds;
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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;
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Handle
unexpected visits or requests from representatives of federal OIGs,
the GAO, the Defense Contract Audit Agency and other agencies;
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Manage
audits of federally sponsored student financial aid programs;
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Have
easy access to all federal auditing requirements; and
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Deal
with the ongoing revolution in the auditing profession.
As
a subscriber to Federal Auditing Information Service for Higher
Education, you'll receive:
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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).
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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.
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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.
Federal
Auditing Information Service for Higher Education is the
most timely and authoritative information available to college and
university business officers on single audits, IRS audits and audits
of student financial assistance. Subscribe today!
Table
of Contents
SECTION
I: Single Audits and OMB Circular A-133
CHAPTER
1 Single Audits: Background and History
The
Single Audit Act * Revisions to Circular A-133 * The Structure
of Circular A-133 * 'Nonfederal Entity' * National Single Audit Sampling Project
CHAPTER
2 The A-133 Audit Requirement
The
Basic Audit Requirement * Federal Awards * Frequency of Audits * Relation
to Other Audit Requirements * Allowability of Audit Costs * Sanctions
CHAPTER
3 Auditee Responsibilities
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
CHAPTER
4 The Federal Role
The
Cognizant Agency for Audit * Awarding Agency Responsibilities * The
Role of the Federal Auditing Clearinghouse * The Management Decision
CHAPTER
5 Roles and Responsibilities of Pass-through Entities
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
CHAPTER
6 The Role of the Auditor
Financial
Audits * Compliance Auditing * Auditing Internal Controls * Major Federal Programs
CHAPTER
7 The Single Audit Report
The
Auditor's Report * Nature of Audit Findings * National Single Audit Sampling Project: Completeness of Reports
CHAPTER
8 Selecting and Engaging an Auditor
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
CHAPTER
9 Preparing for and Managing an A-133 Audit
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
CHAPTER
10 The Fourteen Compliance Requirements
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
CHAPTER
11 Detailed Guidance on Auditing Direct and Indirect Costs
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
CHAPTER
12 Avoiding Potential Problems with Business Subrecipients
and Subcontractors
Requirements
Concerning Subcontractors * Requirements Relating to Subrecipients
CHAPTER
13 Resolving Post-Audit Disputes
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
SECTION
II: IRS Audits of Colleges and Universities
CHAPTER
14 Preparing for and Managing an IRS Audit
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
CHAPTER
15 Guidance on Common Issues in IRS Audits
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
SECTION
III: Student Financial Aid Audits
CHAPTER
16 Preface to Student Financial Aid Audits
Introduction * eZ-Audit
CHAPTER
17 Audits of Federal Student Financial Aid Programs
How
to Use This Audit Program * Summary of Compliance Determinations
PART
I: Common SFA Compliance Requirements
CHAPTER
18 SFA Compliance Requirements - Common
Institutional Eligibility and Participation * Cash Management * Financial Reporting
* Student Eligibility * Disbursements * Return of Title IV Funds
PART
II: SFA Compliance - By Program
CHAPTER 19 Federal Pell Grant - SFA Compliance Requirements
Program
Objectives * Program Procedures * Types of Expenditures
Allowed * Program Performance *
Financial Reports
CHAPTER
20 Campus-Based Programs - SFA Compliance Requirements
General
* Federal Perkins Loan * Federal Work-Study * Federal Supplemental Educational
Opportunity Grant
CHAPTER
21 Federal Family Education Loan and Federal Direct Loan
Federal
Family Education Loan * Federal Direct Loan * FFEL and FDL: Program
Procedures * Program Performance * FFEL and FDL Status Reporting
Shipping
Information
The
softbound book ships via UPS. Please give us your street address
when you order (UPS does not deliver to PO boxes). You should
receive your order within 5-7 business days. Shipping cost is
$5 per item.
A
temporary username and password to access the Web site will be
e-mailed to you after your subscription is processed. (You can
change the username and password the first time you log onto the
site.)
Monthly print newsletters are mailed 1st class through the U.S.
Postal Service. You should receive your first issue within 5-7
business days of your order.
For
further information call 800-521-4323 or e-mail customerserv@aispub.com
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Copyright © 2008 by the National Council of University Research Administrators, the National Association of College and University Business Officers and
Atlantic Information Services, Inc. 1100 17th Street, NW, Suite 300, Washington, D.C. 20036
Phone 202-775-9008 or 800-521-4323; E-mail customerserv@aispub.com
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