NCSU Compliance - Resource #3

Comprehensive Standards: Resources 3.10.3 (financial aid audits)
The institution audits financial aid programs as required by federal and state regulations.

Compliance
North Carolina State University is in compliance with this standard.

NC State University’s financial aid programs are audited in accordance with the Office of Management and Budget (OMB) Circular A-133 as required by Federal law.

NC State University's federal financial aid programs are included in the OMB A-133 Single Audit issued by the North Carolina Office of State Auditor. NC State University's federal programs are listed in the State Auditor's report starting on page 231 with the financial aid programs listed on page 241. In addition, the North Carolina Office of State Auditor performs an annual financial statement audit on NC State University and issues a separate audit report in accordance with Government Auditing Standards. There have been no material findings issued in any state audit report concerning NC State University's financial aid administration since the last SACS accreditation review in 1994.

In addition to mandatory state audits, NC State University has conducted two internal audits of the administration of financial aid programs since its last reaffirmation by SACS. Only minor issues related to the administration of short-term loans were identified in those audits. All of those issues have since been resolved.

Supplementary Information

The most recent report by the Office of State Auditor is available online via the auditor’s web site or in hard copy from the NC State University Office of Scholarships and Financial Aid or the University Controller’s Office.

References

North Carolina’s OMB A-133 Single Audit (http://www.ncauditor.net/Epsweb/Reports/Financial/FIN-2002-8730.pdf) notes the audit of NC State University’s federal financial aid programs on page 241.

The Governmental Auditing Standards website (http://www.gasb.org/) provides information about state and local governmental accounting for the general public.

The Office of Management and Budget (OMB) Circular A-133 (http://www.whitehouse.gov/omb/circulars/a133/a133.html) ensures consistency and uniformity for the audit of states, local governments, and non-profit organizations.

The Office of State Auditor (http://www.ncauditor.net/) warehouses audits of NC State University and other institutions within the University of North Carolina system.