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IFAP
FSA Information for Financial Aid Professionals
U.S. Department of Education

Citations: (R)682.830
AsOfDate: 12/31/95

Audit standards.

(a) An Authority that is a governmental entity must be


audited regarding its lending and loan purchasing program for
compliance with its Plan and the provisions of Sec. 682.801 in
accordance with 31 U.S.C. 7502 and 34 CFR part 80, appendix
G.

(b) An Authority that is a nonprofit organization must


undergo an audit of its lending and loan purchasing program for
compliance with its Plan and the provisions of Sec. 682.801--

(1) Conducted in accordance with OMB Circular


A-133 and any supplementary compliance guidelines issued by
OMB and the Secretary; or

(2) If the Authority qualifies to submit a


program-specific audit under criteria in OMB Circular A-133 and
chooses to have such an audit performed, conducted in
accordance with standards issued by the General Accounting
Office (GAO) publication, Government Auditing Standards, and
by the Office of Inspector General of the Department contained
in the applicable audit guide.

(c) The audit must be conducted annually and the


audit report must be submitted within 30 days of the completion
of the audit report but no later than six months after the close of
the audit period.

(d) Audits must be submitted to the regional office of


the Office of Inspector General of the Department, to the
Governor who approved the Plan of the Authority, and to the
principal guaranty agency consulted by the Governor in
approving that Plan.

(Authority: 20 U.S.C. 1082, 1087-1)