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Comprehensive Standards 3.10.3

The institution audits financial aid programs as required by federal and state regulations. (Financial and Physical Resources)

compliance

Summary

Cape Fear Community College (CFCC) demonstrates compliance with this comprehensive standard by providing evidence that its financial aid programs are audited by the North Carolina Office of the State Auditor in accordance with federal and state regulations.

Narrative

Cape Fear Community College is audited by the North Carolina Office of the State Auditor as required by federal (Compliance Audits and Audited Financial Statements) and state (Audit of Community Colleges) regulations. Auditing financial aid records are part of these audits. For the last four years, the North Carolina Office of the State Auditor has determined that CFCC is in compliance and shows no weaknesses in internal control (2004 Audit, 2003 Audit, 2002 Audit, 2001 Audit).

CFCC Financial Aid audits comply with the standards of The Single Audit Act Amendments of 1996 (Public Law 104-156) (Requirements for Single Audits) and the Executive Office of the President’s Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations (Circular No. A-133). These standards call for an annual audit by an independent auditor for all non-Federal entities that expend $500,000 or more in a year in Federal awards. The North Carolina Office of the State Auditor is considered an independent auditor under state (Duties and Responsibilities) and federal (Independent Auditor) regulations.

Documentation

Source Location

Compliance Audits and
Audited Financial Statements,

Code of Federal Regulations, 34 CFR 668.23(a)

code_fed_reg34cfr668_23apdf.pdf

Audit of Community Colleges,
North Carolina General Statute, Chapter 147-64.6A

ncgs147_64_6A.pdf

2004 Audit,
North Carolina Office of the State Auditor Website

FIN-2004-6810.pdf

2003 Audit,
North Carolina Office of the State Auditor Website

FIN-2003-6810.pdf

2002 Audit,
North Carolina Office of the State Auditor Website
FIN-2002-6810.pdf
2001 Audit,
North Carolina Office of the State Auditor Website
FIN-2001-6810.pdf
Requirements for Single Audits,
Single Audit Act Amendments of 1996,
Public Law 104-156, Title 31 USC Chapter 75
IGnet Federal Inspectors General Website
single_audit_act_amend1996.pdf
Circular No. A-133,
Audits of States, Local Governments
and Non-Profit Organizations,
Office of Management and Budget Website
circular_no_a_133.pdf
Duties and Responsibilities,
North Carolina General Statute, Chapter 147-64.6
ncgs147_64_6.pdf
Independent Auditor,
Compliance Audits and
Audited Financial Statements
Code of Federal Regulations, 34 CFR 668.23(a)(1)
code_fed_reg34cfr668_23apdf.pdf

 

 

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