eZ-Audit System Ready for Annual Submissions
March 24, 2004
On March 15, the Department of Education (ED) announced that its eZ-Audit system is ready to accept annual submissions. Institutions that participate in federal student financial aid programs are required to submit their audits through eZ-Audit within nine months of their fiscal-year end. Because the system has been undergoing revisions, institutions with due dates between December 31, 2003, and March 31, 2004, will have 60 additional days from the March 15 notice to submit via eZ-Audit. This makes the revised submission deadline May 14, 2004. The submission to ED does not replace requirements under Office of Management and Budget (OMB) Circular A-133 to submit audits to the Federal Audit Clearinghouse.
The eZ-Audit system is newly mandated by ED for submitting compliance and financial statement audits. Although NACUBO objected in 2003 to the imposition of the new requirements for electronic submission of audit information, the association has been working with ED to ensure that instructions and templates are aligned with government regulations and generally accepted accounting principles. Because audit templates and questions require an understanding of accounting and disclosure requirements, NACUBO recommends that an institution's business office partner with its financial aid office for eZ-Audit submission.
A March 23 notice posted in the Federal Register provides an opportunity to comment on the eZ-Audit information-gathering activity. Changes made to templates and instructions have resulted in an additional public comment period under OMB Paperwork Reduction Act requirements. Comments are due by April 22, 2004. To submit comments, refer to the ED Information Collection System Postings.
Links to the ED announcement, instructions for registration, and FAQs are provided on the NACUBO Web site.
The NACUBO contact is Sue Menditto, senior manager, accounting and finance programs.
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