FY 2018 - Financial Statements Audit – Federal Student Aid

The auditors expressed the opinion that the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Federal Student Aid as of September 30, 2018, and its net cost, changes in net position, and budgetary resources for the year then ended in accordance with U.S. generally accepted accounting principles. The auditors considered the deficiencies described in Exhibit A, Controls over the Reliability of Information Used in the Modeling Activities Need Improvement, to be a material weakness. The auditors considered the deficiencies described in Exhibit B, Information Technology Controls Need Improvement, to be a significant deficiency. The auditors also reported that the results of testing disclosed an instance of non-compliance that was described in Exhibit C, Requirement for Referring Delinquent Student Loan Debts to Treasury.