Student Aid: Recurring Material Internal Control Deficiencies
||First Year Reported
|Federal Family Education Loans (Guaranty Agencies)
||EDFUND, Student Aidís auxiliary organization, has not developed adequate internal controls over its information systems to provide reasonable assurance it keeps current, complete, and accurate records of each loan. Further, EDFUND has not located its tape library in a separate, secure area and some tapes are stored on open shelves and racks that do not lock. Finally, we previously reported that EDFUND allows a limited number of employees to make changes to sensitive data, even though these changes are not subject to the normal edits of its information system. In October 2007, EDFUND implemented a project designed to create an audit trail of such changes. However, the resulting audit trail still does not track certain types of transactions related to collections and accounting.
|Fully corrected. As of June 30, 2009, EDFUND has implemented the remaining high-risk and moderately high risk findings from the 2005 risk assessment. In May 2009, EDFUND implemented a project designed to create an audit trail of changes made in the Financial Aid Processing System for all files that can be changed through the data maintenance process, and did not previously have this functionality. EDFUND's tape library is located within a self-contained storage unit (Gemtrac) within a secured cage at EDFUND's co-location data center. All tapes are now contained within the tape storage unit, and keyed locking devices secure the tape storage unit. The locks were installed on April 29, 2009.