At least annually, BYU must have an independent auditor conduct a compliance audit of its administration of federally sponsored research, Title IV financial aid programs, and its general-purpose financial statements. The university must submit its compliance audit report within thirty days after receiving the auditors’ report of its financial statements or nine months after the end of its fiscal year, whichever is earlier. Because BYU’s fiscal year ends December 31, and its general financial audit report is typically received by April, BYU’s deadline is generally around May 1.
Laws:
- 20 U.S.C. § 1094(c)
- 34 C.F.R. § 668.23