Statement on Auditing Standards (SAS) 136 was issued by the AICPA’s Auditing Standards Board to address changes to audits of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). The purpose of this new standard is to improve auditor performance, enhance the quality of employee benefit...
It’s a fact: auditor reports continue to change — even the opinions. For entities with a December 31, 2021, year-end or later, there are notable changes to reports’ “Opinion” section and other areas that must be implemented. Read on for why and what the changes look like. In May of 2019, the...
Recognition Rasmussen University (Rasmussen), a private college with 23 campuses in Florida, Illinois, Kansas, Minnesota, North Dakota and Wisconsin, has established itself as a pioneer in career-focused education. Rasmussen has an annual Partner of Distinction award which recognizes a company that has met the four following criteria and the selection is done...
Even half a year after new rules for Return to Title IV (R2T4) exemptions went into effect — and as we consider specific scenarios stemming from the changes — we continue to learn more and fill in the gaps in knowledge to assist institutions. Recently, we contacted the Department of Education...
As initially proposed in June of 2021 and subject to two comment periods, the U.S. Department of Education (ED) has released the revised Annual Performance Reporting (APR) form to capture the use and application of the Higher Education Emergency Relief Fund (HEERF) grants. As a reminder, the APR filing is based upon...
We’re getting deep into tax preparation season, and during a year that the Internal Revenue Service expects to be busier than most, institutions and students are encouraged to organize and submit documentation as promptly as possible. Among the most important items for institutions to prepare is Form 1098-T, Tuition Statement. This...
The chief responsibility of the Department of Education’s (ED) Office of the Inspector General (OIG) is to detect waste, fraud and abuse — intentional or not — within ED and the institutions under its purview. Its recently released 2022 Annual Plan provides a roadmap and points of emphasis regarding that...
Got a fresh 2022 daily planner? As nice as it is to see the blank pages, it’s time to start filling them. With the new year comes a new set of financial reporting due dates and notable milestones to mark. Each month brings different challenges, and we know how difficult it...