This GAQC Alert is to make you aware that the AICPA has issued Technical Question and Answer 6960.13, Related Party Disclosure Requirements Issued by the U.S. Department of Education for Institutions of Higher Education, addressing audit and reporting considerations relevant to related party disclosures required by a recent U.S. Department of Education (ED) regulation titled, Financial Responsibility, Administrative Capability, Certification Procedures, Ability To Benefit (ATB). After reading this alert you will be aware of the following:
The related party requirements