A basic requirement for continuing participation in the Title IV programs is an annual independent audit of the institution’s operations. Audit requirements run throughout the regulations, and are a major tool for the Department of Education’s oversight activities.
U.S. Code, Title 20—Education Chapter 28—Higher Education Resources and Student Assistance Subchapter IV—Student Assistance > Part F—General Provisions Relating to Student Assistance Programs § 1094(c) Program participation agreements [HEA § 487(c)]
See also top list entry for Financial Responsibility of Institutions
Auditor gives adverse, qualified, or disclaimed opinion, or expresses doubt about status as a going concern
Standards for Audit of Governmental Organizations, Programs, Activities, and Functions (GAO)—Appendix I
Substantiation of completion and placement rates used to qualify short programs as Title IV-eligible