NACUBO

My NacuboWhy Join: Benefits of Membership

E-mail:   Password:   

 Remember Me? | Forgot password? | Need an online account?

Business and Policy Areas
Business and Policy Areas
Loading

ED Launches eZ-Audit

January 30, 2003

Institutions that receive federal student aid funds will be able to submit their financial and compliance audits to the Department of Education (ED) electronically this year. The new web-based application enabling this process, eZ Audit, will be operational in April. In addition to the submission of audits, eZ-Audit will allow colleges and universities to track the status of their audit reports through the review process. The paperless process will replace the 13,000 paper audit reports—more than 1 million pages—currently handled by ED.

To participate, institutions need to appoint an eZ-Audit institution administrator, who will manage access to eZ-Audit. Once the administrator has registered the institution with ED, he or she can set up data entry users, including the institution’s auditor if desired. The designated person will then enter certain summary audit and financial data into a Web form and attach an electronic copy of the financial statement and compliance audit in PDF format.

Instructions for registering and appointing a responsible administrator were provided in an electronic announcement from ED dated January 21. An eZ-Audit Q&A has also been posted on the Information for Financial Aid Professionals Web site.

The submission to ED will not replace requirements under Office of Management and Budget Circular A-133 to submit audits to the Federal Audit Clearinghouse.

Questions may be directed to fsaezaudit@ed.gov. The NACUBO contact is Michele Madia, senior policy analyst. She can be reached at 202.861.2554