# Presentation: 277069

## <date/time>

## Session 16

***eZ-Audit – Electronic Submission of Financial Statements and Compliance Audits***

## What is eZ-Audit?

- 	A new, web-based, single point of submission for financial statements and compliance audits
*A designee from each school will simply sign on to eZ-Audit, enter summary audit and financial data into a web form, attach an electronic version of the report, and hit the submit button.*

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## Why eZ-Audit?

- Did you know that FSA receives over 13,000 financial statements and compliance audits annually (that’s over 1 million individual pieces of paper)?
- Have you ever been told that your financial statement and/or compliance audit has been lost?
- Have you ever just wanted to know the status of your reports?

***- eZ-Audit will finally create an easy to use, efficient process for submission! -***

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## How does eZ-Audit work?

**5 basics steps to eZ-Audit:**
- Schools submit their compliance audit data and summary financial data, via an internet web-form.
- Schools also attach an electronic copy of their financial statement and compliance audit in a non-editable pdf format (using Adobe Acrobat).
- The eZ-Audit system automatically forwards flagged financials and deficient audits to FSA’s Case Management Teams for resolution.
- Case Teams communicate with schools to reach resolution.
- As desired, Schools periodically check eZ-Audit for the status of their reports.

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## What are the benefits to eZ-Audit?

- Web forms will contain pre-populated fields.
- No new reporting requirements, data entry will be limited to the same data already contained in the reports.
- On-line form completion should take less than 1 hour.
- System will provide automatic error checking prior to submission.
- Instant acknowledgement of receipt – no more lost reports!
- No copying and mailing costs!
- Ability to remediate findings prior to next year’s submission, thus reducing the possibility of repeat findings.
- Status of submissions accessible online 24/7.
- Help Desk available to provide assistance.

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## What is the timeline for eZ-Audit?

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## What does eZ-Audit look like?

*eZ-Audit Prototype Demonstration...*

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## What will ez-Audit Self Service look like?

- Submission Status
- Annual submission due date
- Annual submission receipt date
- Overdue notice
- FSA Review Status
- Financial Statement Review
- Compliance Audit Review
- Annual Submission Completeness / Incompleteness
- Other Messages, to include
- Final Audit Determination was sent on mm/dd/yyyy
- A Request for a Letter of Credit has been sent to your institution.  The letter of Credit is due by mm/dd/yyyy
- Your Letter of Credit was received on mm/dd/yyyy
- Your (Merger/Change in Ownership, Reinstatement Submission, Initial Submission, Waiver Request, Stub Audit Submission, Change in Fiscal Year End Date, Closeout Audit) was received on mm/dd/yyyy

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## What should you do next?

- Begin thinking about who you would like to be your eZ-Audit Institution Administrator
- Begin discussions with your auditor
- Discuss the possibility of your auditor completing the data entry in eZ-Audit.
- Discuss the possibility of your auditor providing you with your audit electronically, in non-editable pdf format.
- Stay posted to IFAP for registration information
- For security purposes, you will be asked to mail in registration information on your school’s letterhead.  The information requested will include:
- Name and email address of your eZ-Audit Institution Administrator
- OPE ID
- Phone and Fax Number
- Fiscal Year End Date
- Visit eZ-Audit in the PC Lab and review the FAQ document distributed today

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## Questions/Comments

- We appreciate your feedback and comments.  If we did not address all of your questions in this session, please visit us in the lab or contact Ti Baker at:
- 		Phone: Ti Baker at 202-377-3156
- 		Email: fsaezaudit@ed.gov

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