Financial Audit. Federal Family Education Loan Program's Financial Statements for Fiscal Years 1994 and 1993. Report to the Congress [microform]
- Bib ID:
- 5592338
- Format:
- Book and Microform
- Author:
- Comptroller General of the U.S., Washington, DC
- Online Version:
- https://eric.ed.gov/?id=ED393374
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- Description:
-
- [Washington, D.C.] : Distributed by ERIC Clearinghouse, 1996
- 76 p.
- Summary:
-
The United States General Accounting Office (GAO) reviewed the Department of Education's Office of Inspector General's (OIG) audit of the annual financial statements for the Federal Family Education Loan Program (FFELP) for the fiscal year ended September 30, 1994. GAO reviewed OIG's audit rather than conduct its own to avoid duplication and to reduce expense. The study reviewed OIG's method and planning, evaluated its audit staff, participated in tests of cash receipts and disbursements, and reviewed OIG's working papers and other statements. OIG concluded that: (1) FFELP's liabilities for loan guarantees and related program costs were primarily calculated using models based on student loan data found to be unreliable; (2) that the Department of Education did not have systems or procedures in place to ensure that individual billing reports submitted by guaranty agencies and lenders were reasonable; and (3) that the financial reporting process did not ensure reliable reports. Corrective actions that were in progress included implementation of a new national database of loan-level data, new audit standards for lenders, and redesign of current financial management systems into a newly integrated core financial system. Continued weaknesses were found in computer general controls over FFELP's information system. An appendix contains a complete copy of the OIG report. (JB)
- Notes:
-
- Availability: U.S. General Accounting Office, P.O. Box 6015, Gaithersburg, MD 20884-6015 (first copy free, additional copies $2 each).
- Policymakers.
- May also be available online. Address as at 14/8/18: https://eric.ed.gov/
- Reproduction:
- Microfiche. [Washington D.C.]: ERIC Clearinghouse microfiches : positive.
- Subject:
- Other authors/contributors:
- Comptroller General of the U.S., Washington, DC
- Available From:
- ERIC
- Copyright:
-
In Copyright
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- Reason for copyright status:
- Until 2066 [Created/Published Date + 70 Years]
Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Published
- Publication date:
- 1996
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