Introduction: Materiality by Compliance Requirement Matrix Planning Federal Materiality by Compliance Requirement See Footnotes 1-6 below the matrix table for further explanation, in particular, review note 6 which discusses tailoring the matrix assessments. (1) (2) (6) (6) (3) (4) (5) (5) (6) If Direct & monetary, Final Federal Applicable material to population Inherent control Detection Overall materiality by per Compl. program / Monetary or subject to risk (IR) risk (CR) risk of audit risk of compl. Suppl. entity nonmonetary require. assess. assess. noncompl. noncompl. requirement typically 5% of population subject to Compliance Requirement (Yes or No) (Yes or No) (M/N) (Dollars) (High/Low) (High/Low) (High/Low) (High/Low) requirement A Activities Allowed or Unallowed Yes M 5% B Allowable Principles No C Cash Management Yes N 5% D RESERVED E Eligibility Yes M/N 5% F Equipment & Real Property Mgmt No G Matching, Level of Effort, Earmark Yes M 5% H Period of Availability (Performance) Yes M 5% I Procurement & Sus. & Debarment No J Program Income Yes M 5% K RESERVED L Reporting Yes N 5% M Subrecipient Monitoring No N Special Tests & Provisions - Yes N 5% Verification N Special & Provisions Yes M 5% – Disbursements to or on Behalf of Students N Special Tests & Provisions Return of Yes M 5% – Title IV Funds N Special Tests & Provisions Yes N 5% – Enrollment Reporting
Introduction: Materiality by Compliance Requirement Matrix Planning Federal Materiality by Compliance Requirement See Footnotes 1-6 below the matrix table for further explanation, in particular, review note 6 which discusses tailoring the matrix assessments. (1) (2) (6) (6) (3) (4) (5) (5) (6) Compliance Requirement Applicable per Compl. Suppl. Direct & material to program / entity Monetary or nonmonetary If monetary, population subject to require. Inherent risk (IR) assess. Final control risk (CR) assess. Detection risk of noncompl. Overall audit risk of noncompl. Federal materiality by compl. requirement (Yes or No) (Yes or No) (M/N) (Dollars) (High/Low) (High/Low) (High/Low) (High/Low) typically 5% of population subject to requirement A Activities Allowed or Unallowed Yes M 5% B Allowable Principles No C Cash Management Yes N 5% D RESERVED E Eligibility Yes M/N 5% F Equipment & Real Property Mgmt No G Matching, Level of Effort, Earmark Yes M 5% H Period of Availability (Performance) Yes M 5% I Procurement & Sus. & Debarment No J Program Income Yes M 5% K RESERVED L Reporting Yes N 5% M Subrecipient Monitoring No N Special Tests & Provisions - Verification Yes N 5% N Special & Provisions – Disbursements to or on Behalf of Students Yes M 5% N Special Tests & Provisions – Return of Title IV Funds Yes M 5% N Special Tests & Provisions – Enrollment Reporting Yes N 5%
UG_FACCR_SFA_Cluster_2016_Aug2016.docx