Comprehensive Standard: The institution audits financial aid programs as required by federal and state regulations.
X Compliance
Partial Compliance
Non-Compliance
Narrative:
The Georgia Department of Audits and Accounts, in accordance with the U.S. Office of Management and Budget Circular A-133, conducts an annual audit of the federal awards programs of the state of Georgia, which includes financial aid programs administered by the state universities [1].Observations related to Georgia State University appear in the most recent audit by the Department of Audits and Accounts for fiscal years ending June 30, 2004, June 30, 2005, and June 30, 2006 and indicate that there are NO findings reported. [2] [3] [4]
The Georgia State University Auditing and Advisory Services, in accordance with Board of Regents policy is responsible for following up on all recommendations made by the Department of Audits and Accounts on a quarterly basis of the issuances of the audit report to determine the implementation status of the management’s reported corrective actions. As required by law, the University Auditing and Advisory Services has a system in place to monitor, follow up, and report the status of all audit findings to the university president Associate Vice Chancellor for Internal Audits at the Board of Regents.
In addition, the Auditing and Advisory Services may conduct internal audits of all aspects of the university’s financial-aid program. Upon completion of an audit of financial-aid or other university programs, the Auditing and Advisory Services and the unit being audited agree upon an implementation date for proof that the audit recommendations have been implemented. After these implementations have been reviewed and approved by the Auditing and Advisory staff, Auditing and Advisory Services forwards the report to the appropriate vice president and/or the university president.
Supporting Documentation:
- Office of the President of the United States, Office of Management and Budget Circular No. A-133: Audits of States, Local Governments, and Non-Profit Organizations
- State of Georgia, Department of Audits and Accounts, Report on Audit of the Financial Statements of Georgia State University, for the Fiscal Year ended June 30, 2004
- State of Georgia, Department of Audits and Accounts, Report on Audit of the Financial Statements of Georgia State University, for the Fiscal Year ended June 30, 2005
- State of Georgia, Department of Audits and Accounts, Report on Audit of the Financial Statements of Georgia State University, for the Fiscal Year ended June 30, 2006