The Department of Education is seeking comments on the newly mandated eZ-Audit electronic system for submitting compliance and financial statement audits. In a June 27 Federal Register notice, ED asks for specific feedback on how the process might be improved to minimize the burden on participants. Comments are due to ED no later than August 26.
Despite concerns raised about the administrative burdens this process imposes on institutions, ED mandated the use of eZ-Audit as of June 16. All institutions must use the eZ-Audit system to submit their required audits to ED, unless they obtain prior permission to use an alternative format. Institutions must continue submitting their A-133 audits to the Federal Audit Clearinghouse in addition to complying with the eZ-Audit requirements.
Campus personnel responsible for audits are encouraged to review the eZ-Audit manual and determine if the required data (and definitions) match the data on their financial statements and compliance reports. NACUBO is in the process of compiling a list of specific eZ-Audit items that need further clarification or correction. Please share your suggestions with us and copy us on any comments you send to ED.
For the eZ-Audit notice, please see Student Assistance General Provisions (eZ-Audit). For the eZ-Audit manual, go to http://ifap.ed.gov/eannouncements/0328GuideUsingeZAudit.html. For more information, contact Laurie Quarles, senior policy analyst, NACUBO, at (202) 861-2543 or email@example.com.