ERIC ED359882: Financial Audit. Federal Family Education pdf

ERIC ED359882: Financial Audit. Federal Family Education

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Description of the Book:

This report presents the results of an audit of the Principal Financial Statements of the Department of Education’s Federal Family Education Loan Program and its internal controls and compliance with laws and regulations for the fiscal year ended September 30, 1992. The report details the following findings: (1) the Statement of Cash Flows were found to be reliable in all material respects; however, it was not possible to give an opinion on the Principal Statements taken as a whole; (2) internal controls in operation were ineffective in protecting assets and assuring that there were no material misstatements in the Principal Statements; however, they were effective in assuring material compliance with laws related to the use of budget authority and with significant provisions of other laws and regulations; and (3) no material noncompliance with laws and regulations were detected. In addition to these discussions, the report offers conclusions on the Overview of Financial Entity and other supplemental information and the scope of the audit.

(GLR

• Creator/s: ERIC
• Date: 1993-06
• Year: 1993
• Book Topics/Themes: ERIC Archive, Audits (Verification), Compliance (Legal), Efficiency, Federal Aid, Federal Legislation, Federal Programs, Financial Audits, Higher Education, Paying for College, Program Administration, Recordkeeping, Student Financial Aid, Student Loan Programs

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