Audit Notification Memo

{Institution/Department} is scheduled for an internal audit review from {Dates}. The review will include an audit of financial statements, a review of compliance with various regulatory requirements, and an assessment of operational controls over student financial transactions. The items in this e-mail are intended to help the audit progress efficiently to optimize time during the audit visit.

Please ensure availability of the following items during the visit dates:  A conference room or vacant office  Access to the network  A printer (on the network or dedicated to the audit team)  A telephone, ideally with speakerphone capability

For the financial audit, please provide the following items. All documents should be prepared as of the audit period end date.

 Reconciliations for all cash accounts as of the audit period end  Accounts Receivable reconciliation sheet and collapsing sheet at the audit period end  Accounts Receivable reserve calculation o In school o Out of school  Random sample of individual student accounts  Targeted sample of accounts in collection (provided during visit)  Details for all significant “other” assets  Detail of any inventory on hand  Carry-forward of fixed assets from previous year end through the audit period end  Detail of accounts payable  Accounts payable accruals  Details for all significant accruals

Other items may be request on an as needed basis. Samples will be identified in advance or during the audit.

For the compliance and operational controls review, please have the following items ready for the team:  Blank Student Financial Aid Package Documents (Dependent and Independent)  Current Catalog with all Addenda  Most recent 3rd party audit report  Blank Enrollment Agreement  Current Organizational Chart  Any existing process documentation for financial aid and student account related processes (e.g. flow charts, job descriptions, task lists, policy and procedure manuals) For the compliance review, a list of files selected for the review will be provided to staff on the day the audit team arrives at the school. Please inform all key staff in the areas listed to be available to work with the audit team during their visit.

Please arrange a one-hour interview with each of the following people as early in the visit week as possible:  Financial Aid department head  Student Accounts department head  Registrar/Head of Student Records  Cashier/Bursar (if applicable)  Head of Finance

We are looking forward to working with you and your team. If you have any questions, please don't hesitate to contact me.