On September 27th, the Department of Education finally released the new Audit Guide for proprietary schools and Title IV third party servicers. The new guide will be effective for fiscal years beginning after June 30, 2016.
McClintock & Associates has reviewed the new Audit Guide and is in the process of creating a summary of the significant changes now required. We already know that the sample sizes have increased, confirmations will be required to be sent, and testing of Gainful Employment Reporting will need to be performed.
We anticipate releasing a summary of audit changes in mid-November, and we will be holding a webinar to discuss the new requirements in January. Please watch your e-mail for further details regarding the summary release and the upcoming webinar.
With over 40 years of expertise in the post-secondary education industry, McClintock & Associates will be there to guide you through times of change and provide security where there is concern. Our experience and skill gained from serving over 110 schools across the nation will bring you our unmatched expertise in all areas.
Volume 3, Issue 4