Financial Statements Audit FY 2017 – Federal Student Aid

The auditors found that the fiscal years 2017 and 2016 financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. They identified two significant deficiencies in internal control over financial reporting: (1) controls over the Department’s modeling activities need Improvement, and (2) Department and Federal Student Aid management need to mitigate persistent information technology control deficiencies. They also identified one instance of reportable noncompliance with Federal law related to referring delinquent student loan debts to Treasury.