ADT-Q2: What is the deadline for a third-party servicer to submit its annual compliance audit? A third-party servicer must submit its compliance audit or audit letter ADT-A2: annually no later than six months after the last day of the fiscal year. servicer’s ADT-Q3: What is the deadline for a third-party servicer that has not submitted its annual compliance audit(s) for one or more years due to an incorrect assessment of whether the entity meets the regulatory definition of a third-party servicer and/or based on the omission of specific audit procedures in the OIG Audit Guide? ADT For third-party servicers that provide services or functions that are –A3: included in the Department of Education's Office of the Inspector General’s audit guide, the third-party servicer must submit its missing (OIG’s) current compliance audit(s) no later than December 31, 2016. The audit(s) submitted must include all unaudited periods for the three most recently completed fiscal years (except for close-out audits). Subsequent audits must be submitted annually no later than six months after the last day of the fiscal year. servicer’s Third-party servicers that provide services or functions that are not included in the audit guide must submit an audit letter containing all of the items outlined in OIG’s above, no later than six months after the last day of the fiscal year, that servicer’s begins on or after December 31, 2016. For example, if a third-party fiscal year end is December 31, 2016, its servicer’s audit letter must be submitted on or before June 30, 2018. Subsequent audit submissions must be submitted no later than six months after the last day of the fiscal year end. servicer’s ADT-Q4: Who should a servicer or auditor contact if it has questions regarding institution or servicer audit requirements? ADT-A4: Audit questions should be submitted to the Department of Education's Office of the Inspector Non-Federal Audit Team by e-mail at . General’s (OIG’s)
ADT-Q2: What is the deadline for a third-party servicer to submit its annual compliance audit? ADT-A2: A third-party servicer must submit its compliance audit or audit letter annually no later than six months after the last day of the servicer’s fiscal year. ADT-Q3: What is the deadline for a third-party servicer that has not submitted its annual compliance audit(s) for one or more years due to an incorrect assessment of whether the entity meets the regulatory definition of a third-party servicer and/or based on the omission of specific audit procedures in the OIG Audit Guide? ADT –A3: For third-party servicers that provide services or functions that are included in the Department of Education's Office of the Inspector General’s (OIG’s) current audit guide, the third-party servicer must submit its missing compliance audit(s) no later than December 31, 2016. The audit(s) submitted must include all unaudited periods for the three most recently completed fiscal years (except for close-out audits). Subsequent audits must be submitted annually no later than six months after the last day of the servicer’s fiscal year. Third-party servicers that provide services or functions that are not included in the OIG’s audit guide must submit an audit letter containing all of the items outlined in above, no later than six months after the last day of the servicer’s fiscal year, that begins on or after December 31, 2016. For example, if a third-party servicer’s fiscal year end is December 31, 2016, its audit letter must be submitted on or before June 30, 2018. Subsequent audit submissions must be submitted no later than six months after the last day of the servicer’s fiscal year end. ADT-Q4: Who should a servicer or auditor contact if it has questions regarding institution or servicer audit requirements? ADT-A4: Audit questions should be submitted to the Department of Education's Office of the Inspector General’s (OIG’s) Non-Federal Audit Team by e-mail at .
GEN1615AttachQA.docx