HEERF AUDIT GUIDANCE FOR PROPRIETARY SCHOOLS RELEASED

ED’s OIG just released the audit guide for proprietary schools that received HEERF funds under the CARES Act, CRRSAA, and the American Rescue Plan. According to the electronic announcement, a proprietary school must have a compliance audit conducted of its administration of the HEERF grant programs for any fiscal year during which the eligible school expends $500,000 or more in total HEERF grant program funds or is on Federal Student Aid’s Heightened Cash Monitoring 1 or 2 list in a fiscal year in which it expended any HEERF grant program funds. The HEERF compliance audit must be conducted in accordance with Generally Accepted Government Auditing Standards, issued by the Comptroller General of the United States, and the Guide. To satisfy the HEERF compliance audit requirement, the Guide requires an examination-level attestation engagement. Schools must submit their audit report package by July 29, 2021 or the submission deadline of their Title IV audit, whichever is later.