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Federal regulations require a compliance audit every fiscal year. Each audit must cover the time period since the last audit. Canisius University’s fiscal year ends June 30, and is audited annually by a private, independent auditor. Auditors review a sample of student files to ensure the Student Records and Financial Services Center is in compliance with federal, state and University policies. Any exceptions found during the audit will be addressed. The auditor then submits an Independent Auditor’s Report, including any findings, to the University president and the Board of Trustees. The University’s vice president for business and finance University’s Vice President for Finance and Administration then uploads the report to the government using the online submission site of eZ-Audit. Federal reviews are conducted by the United States Department of Education on a basis determined by the department.
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