Student Financial Assistance Audits

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SFA Audits - Specific Guidance

A. SFA Programs Included in A-133 Single Audits

1. Instructions for obtaining borrower disbursement information for the Direct Loan Program in A133 or SFA Audits Microsoft Word [33K] or PDF [8K]

2. SFA Cluster included in March 2005 OMB Compliance Supplement Update

3. SFA Cluster included in March 2006 OMB Compliance Supplement Microsoft Word or PDF

4. SFA Cluster included in March 2007 OMB Compliance Supplement Microsoft Word or PDF

5. SFA Cluster included in March 2008 OMB Compliance Supplement Microsoft Word or PDF

B. School/School Servicer Audits

1. School/Servicer Audit Guide (2000) PDF [470K]

1a. Dear CPA Letter No. 07-01 (Issued August 2007) – Amendment to School/Servicer Audit Guide to cover Academic Competitiveness Grants (AGC) and National Science and Mathematics Access to Retain Talent (SMART) Grants Word [216K] or PDF [158K]

1b. Dear CPA Letter No. 07-03 (issued September 2007) - Amendment to January 2000 Audit Guide, Audits of Federal Student Financial Assistance Programs at Participating Institutions and Institution Servicers – Prohibited Inducements Paid by Lenders and Denying Students' Access to Lenders and Guaranty Agencies of Their Choice. Word [208K] or PDF [112K]

2. Summary of Changes to School/Servicer Audit Guide (2000) [Last Updated September 27, 2007] Word [34K] or PDF [14K]

3. Instructions for obtaining borrower disbursement information for the Direct Loan Program in A133 or SFA Audits Microsoft Word [33K] or PDF [8K]

4. Template for Preparing Example E, Schedules A,B,C (SFA Audit Guide) Word [133K], Wordperfect [120K] or PDF [31K]

5. Dear Colleague Letters - Main Index

6. Dear Colleague Letter GEN-00-08 Requesting a waiver of the annual submission requirements - Institution Audits

7. ED/OIG Dear CPA Letter (CPA-99-01) on the calculation of 85/15 Revenue Tests Microsoft Word [31K] or PDF [16K]

8. ED/OIG Dear CPA Letter (CPA-99-02) on the calculation of 90/10 Revenue Tests PDF [339K]

9. Federal SFA Handbook (Excellent Resource for Assistance on SFA Audits)

10. Interest Rates to use in the calculaton of late refunds for Direct Loans, PELL, and SEOG funds

11. Procedures for Liquidating Perkins Loan Program (7/98)

12. Q & As on SFA Audits with No Audit Findings Wordperfect 5.2 [6K]or PDF [7K]

13. Foreign School Audit Guide (2002) (Word [605K], (PDF [406K], or Amendment No. 1 to Foreign School Audit Guide (8/2003) PDF [683K] - Amendment No. 2 (8/30/2006): Word [90K], PDF [180K]

C. Lenders/Lender Servicer Audits

1. Lender/Servicer Audit Guide Wordperfect (5.2) [367K] or PDF [304K]

1a. Amendment No. 1 (8/30/2006): Word [92K], PDF [229K]

1b. Dear CPA Letter No. 07-02 (issued September 2007) is posted here only for reference, It should no longer be used because it has been superseded by Dear CPA Letter No. 08-01, Item 1c, below. Word [205K] or PDF [112K]

1c. Dear CPA Letter No. 08-01 (Issued March 27, 2008) - Amendment to December 1996 Audit Guide, Compliance Audits (Attestation Engagements) for Lenders and Lender Servicers Participating in the Federal Family Education Loan Program (Lender Audit Guide) – Prohibited Inducements Paid by Lenders to Postsecondary Institutions or Other Parties. [This issuance supersedes Dear CPA Letter CPA-07-02, dated September 27, 2007.] Word [292K] or PDF [87K]

2. Exceptional Performance Status For FFELP At Participating Lenders and Lender Servicers Audit Guide(August 2003 Edition). PDF [660] - Amendment No. 1 (8/30/2006): Word [86K], PDF [133K]

3. Auditor's Guide: For audits to ensure the accuracy of certain Federal Family Education Loan Program special allowance payments (April 2007). PDF Bond Spreadsheet: MSExcel Small Lenders Bond Spreadsheet: MSExcel

4. Dear Financial Partner Letters

5. Due Diligence Fraud Indicators At Lenders/Servicers Wordperfect (5.2) [16K] or PDF [11K]

6. Information for Lender's Financial Partners Portal

7. Permament Extension of Lender Audit Requirements - Reauthorization of HEA (Oct 98)

8. Q&As on Lender/Servicer Compliance Audit Guide Wordperfect 5.2 [25K] or PDF [27K]

9. Dear CPA Letter 08-02 (Issued September 26, 2008), Required Examination-Level Attestation Reports for Lenders Participating in the Federal Family Education Loan (FFEL) Program that Request Special Allowance Payments at the 9.5 Percent Minimum Return Rate for FFEL Program Loans Acquired with Funds Derived from Eligible Tax-Exempt Financing Sources. Word [141K] or PDF [207K]

10. Agreed Upon Procedures (AUP) Attestation Engagement Guide for the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) Loan Participation Program – First Edition - (Issued October 17, 2008) Word [502K] or PDF [349K]

11. Agreed Upon Procedures (AUP) Attestation Engagement Guide for the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) Loan Participation Program and Loan Purchase Commitment Program for the 2008-2009 Academic Year – Second Edition - (Issued December 9, 2008). Word [3.18M] or PDF [2.98M] [Note: This Guide supersedes the first edition (Item C 10, above)]

12. Agreed Upon Procedures (AUP) Attestation Engagement Guide for the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) Short Term Purchase Program for the 2007-2008 Academic Year (Issued March 4, 2009) Word [2.5M], PDF [871K]

13. Agreed Upon Procedures (AUP) Attestation Engagement Guide for the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) Asset-Backed Commercial Paper (ABCP) Conduit Put Program for Seller’s and Eligible Direct Issuer’s Compliance with Selected Criteria for Putable Loans (Issued April 22, 2009) Word [551K], PDF [570K]

D. Guaranty Agencies/Servicer Audits

1. Guaranty Agency Servicer Audit Guide (2000) Wordperfect [390]or PDF [232K] - Amendment No. 1 (8/30/2006): Word [68K], PDF [201K]

2. Summary of Corrections (Last Update 4/14/00) to Guaranty Agency Servicer Audit Guide (2000) Word [19K]or PDF [2K]

3. Dear Financial Partner Letters

4. Directory of State Guaranty Agencies

5. State Higher Education Agencies