Specifications include, but are not limited to: As it relates to the following requirements, it should be noted that the annual financial audits of KHEAA, KHESLC, and KAPT involve separate audits but only generate ONE audit report deliverable (excluding the reports required by the Single Audit) for a June 30 fiscal year-end. ARC will have a separate financial audit report deliverable. KHEAA requires the following: The auditor to express an opinion on the fair presentation of the KHEAA financial statements in conformity with generally accepted accounting principles and issue the reports required by the Single Audit. The auditor to express an opinion on the closing package schedules. Required Communication with Those Charged with Governance, Statement on Auditing Standards (SAS) 114. A Management Letter as required by Statement on Auditing Standards (SAS) 115. The Auditor of Public Accounts, Commonwealth of Kentucky, will require a subsequent events letter for the period from the date of the auditor’s report on the financial statements until a date to be determined (typically mid-December of each year) for completion of the Commonwealth’s Annual Comprehensive Financial Report. KHEAA Verification Services of Student Eligibility requires the following: The auditor to express an opinion on the level of compliance of the verification services of student eligibility for the fiscal year in accordance with Guide for Audits of Proprietary Schools and for Compliance Attestation Engagements of Third-Party Servicers Administering Title IV Programs. See Appendix A for a possible listing of the internal control objectives and activities applicable to KHEAA’s Compliance with student eligibility requirements. This report will be provided to the schools under contract for verification services.
