The firm has been contracted to conduct the financial statement audits of the U.S. Department of Education and Federal Student Aid for the next five years.
CliftonLarsonAllen Awarded $8.5 Million U.S. Department of Education Audit Contract
Arlington, Virginia — February 21, 2013 — CliftonLarsonAllen (CLA), ranked as one of the nation’s top 10 certified public accounting and consulting firms, today announced it was awarded an $8.5 million contract to conduct the financial statement audits of the U.S. Department of Education and Federal Student Aid for the next five years.
The Department of Education has a budget of nearly $100 billion. Federal Student Aid is a performance-based organization within the department responsible for managing operations and programs including $36 billion in annual Pell grants and more than $900 billion in outstanding student loans.
Audits of federal agencies must comply with Generally Accepted Auditing Standards (GAAS), Government Auditing Standards, and other federal audit requirements. They include an evaluation of management’s financial business processes and related internal controls, as well as validation and testing of significant financial statement balances. The audit will include an assessment of the agency’s estimates of the collectability of the student loan portfolio.
CLA’s federal government services team will perform the Department of Education and Federal Student Aid audits. The federal government practice is led by Managing Partner Patrick Byer with offices in Arlington, Virginia, and Calverton, Maryland.
CLA is the nation’s largest provider of single audits of government assistance and has hundreds of higher education, school, and school district clients across the United States. CLA also performs the financial statement audits for the U.S. Department of Veterans Affairs, Federal Housing Administration, and Pension Benefit Guarantee Corporation, among additional agencies. In addition, CLA provides independent services to a large number of federal government contractors throughout the Mid-Atlantic region.
About CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.