Federal regulations require the FAO (Financial Aid Office) to have its records and student files audited at least once every two years. Each audit must cover the time period since the last audit.
Mid-Atlantic Christian University is audited annually by an independent agency.
Auditors review a sample of student aid files to ensure the FAO is in compliance with federal, State, and University policies. The auditors submit a preliminary memorandum of findings to the VP of Finance who conducts research and prepares a response addressing resolution of the specific discrepancy and appropriate procedures to correct faulty processing. Items which are resolved are deleted from the report and the final document is submitted to the ED (Department of Education).
The only preparation for the audit is to cooperate with the Auditors’ requests. Typically, the Auditors will randomly select a specific number of students from each of the Title IV programs. The files are pulled and given to the Auditors. Any additional assistance requested is responded to promptly.