Date posted: 15th Mar 2023
UK universities and other educational institutions that process loans to visiting United States students under the US Department for Education William D. Ford Federal Direct Loan Programme (known as the Direct Loan Programme) are required to have an annual audit. The audit is undertaken in accordance with the Foreign School Audit Guide and focuses on compliance with processes and procedures laid down by the US Department for Education, as well as ensuring that adequate internal controls are in place over the handling of the loans.
The extent of the audit required is dependent on the level of funds received in the relevant year ended 31 July. Standard compliance attestation engagements are required for universities in receipt of $500k or more, whilst an alternative compliance attestation engagement can be submitted if the total funding is below $500k.
Who can provide the audit report?
What are our credentials?
What is the William D. Ford Federal Direct Loan programme and why is it relevant to UK universities?
What is an Alternative Compliance Attestation Engagement for Foreign Schools?
Does my institution need a report?
What is the reporting period for US Direct Loan Programme audits?