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Compliance Certification Report
Comprehensive Standards 3.10.3

Last Updated Aug 13, 2004
(static edition)

Comprehensive Standards 3.10.3:

The institution audits financial aid programs as required by federal and state regulations.

The Institution Certifies Compliance: Yes

Compliance report completed by: Audit Team 8

Statement of Rationale for Judgment of Compliance:

Tennessee state law authorizes the Comptroller of the Treasury, Division of State Audit [1] to post-audit all accounts and financial records of state government agencies in accordance with generally accepted auditing standards. Accordingly, the University of Memphis’s annual financial report is audited each year by the Division of State Audit.  

Financial aid programs are a regular component of the annual audit conducted as part of the organization-wide audit of Tennessee, in accordance with the Single Audit Act Amendments of 1996 and Office of Management and Budget (OMB) Circular 133, Audits of States, Local Governments, and Non-Profit Organizations. [2] These annual audits include tests of compliance with applicable federal laws and regulations, as well as a review of internal controls used in administering federal financial assistance programs.

The university also prepares and submits to the federal government an annual Fiscal Operations Report and Application to Participate. [3] This report details how the university has spent federal Title IV funds (SEOG, Perkins & Work-Study) during the previous academic year.

Relevant Organizational Unit(s):

Vice President for Business and Finance; Assistant Vice President for Finance

Supporting Documentation and Evidence:

[1] Tennessee Code Annotated Section 4-3-304
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[2] University of Memphis audit reports for fiscal years ending:

June 30, 2003

June 30, 2002

June 30, 2001

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[3] Fiscal Operations Report and Application to Participate (FISAP) report on award period ending:

June 30, 2003

June 30, 2002

June 30, 2001

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