What does it mean when 'the auditors are here'?

Every year the external auditors from Deloitte Financial Consultants review the University of Minnesota’s federal and state financial aid programs for compliance. This is also known as the A-133 audit. The auditors take a random sample of records and run them through the regulations to confirm the Office of Student Finance programs are working correctly.

The process starts by verifying students who qualify for admission, reviewing enrollment, tapping into ISIR (Institutional Student Information Record) data, and ensuring students receive the appropriate federal and state financial aid for which they are eligible (including those who withdraw). Any records that fail and for which the University does not have an acceptable explanation may result in a 'finding'. Findings have a major impact and may jeopardize future availability of financial aid for the institution as well as mar the University’s reputation.

The auditors start their preliminary work on campus for two weeks in May, continue working through records during the summer months and return to campus at the end of September/early October to complete their testing. In conjunction with the A-133 audit, the auditors are also reviewing data for the entire University from a financial statement aspect. The Office of Student Finance plays role in that portion of audit, especially in the areas of tuition & fee revenue and loan receivables.  A variety of OSF staff are involved with auditor data requests throughout the process.