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Student accounts and financial aid

Higher education internal audit back-to-basics​ video series

May 2, 2024 · Authored by Colleen Lewis, Tiffany Grossman

This video features Baker Tilly’s risk advisory team discussing the importance of student accounts for higher education institutions and highlights the complexity of managing the various functions and offices involved. It summarizes the importance of the audit process for student accounts, providing insight and considerations for institutions undertaking such audits.

The video highlights the following key points:

1. Overview of the student accounts function
2. Primary student account management and financial aid risks and audit approach 
3. Audit objective and potential outcomes

And answers the following questions:

• What are the primary functions of student accounts in higher education?
• Why is student account management crucial and how do different departments contribute to managing them?
• What are the main risk areas to consider when auditing student accounts?
• How do data collection and integrity, compliance and financial risks impact the effectiveness of student accounts management?
• What are the main objectives of conducting a student accounts audit?
• How does the audit provide assurance regarding the accuracy and completeness of student billing and what potential outcomes can be expected and addressed?

Presenters and subject matter specialists:

• Colleen Lewis, CPA, CIA, CFE, Senior Manager
• Tiffany Grossman, CPA, Manager

Are you ready to embark on your institution’s student accounts audit? If so, let us help!