eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits

Forms and Documents

Document Name	Status
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	New
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	Modified
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	Modified
1845-0072 eZ-Audit Suppporting Statement 2019 Financial Statement 30D.docx Supporting Statement A	2020-03-30

IC Document Collections

IC ID	Document Title	Status
238996	eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	New
22336	eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Other-Screen shot	Modified
207341	eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	Modified
207340	eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0072	ICR Reference No: 201912-1845-008
Status: Active	Previous ICR Reference No: 201903-1845-001
Agency/Subagency: ED/FSA	Agency Tracking No:
Title: eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/07/2020
	Date Received in OIRA: 04/02/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2023	36 Months From Approved	07/31/2022
Responses	6,632	0	6,100
Time Burden (Hours)	6,603	0	2,342
Cost Burden (Dollars)	0	0	0

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Abstract: eZ-Audit is a web-based process designed to facilitate the submission of compliance and financial statement audits, expedite the review of those audits by the Department, and provide more timely and useful information to public, non-profit and proprietary institutions regarding the Department's review. eZ-Audit establishes a uniform process under which all institutions submit directly to the Department any audit required under the Title IV, HEA program regulations. The revisions to this collection is a result of enhancements made to the current system to collect the compliance audits/financial statements in the appropriate format (e.g. revised question text and required uploads) from the foreign institutions that are required to submit audits in accordance to the Department’s regulations and to allow electronic submission of compliance audits/financial statements from the entities identified above. Revisions to financial statements information are to meet the new borrower defense regulations.

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Authorizing Statute(s): PL: Pub.L. 109 - 202 435(d) Name of Law: Third Higher Education Extension Act of 2006
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 70965	12/26/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 18570	04/02/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits	N/A	N/A
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits	N/A, N/A, N/A, N/A, N/A	N/A ,   N/A ,   N/A ,   N/A ,   N/A
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits	N/A, N/A, N/A, N/A, N/A, N/A, N/A	N/A ,   N/A ,   N/A ,   N/A ,   N/A ,   N/A ,   N/A
eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits	N/A, N/A	N/A ,   N/A

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	6,632	6,100	0	532	0	0
Annual Time Burden (Hours)	6,603	2,342	0	4,261	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Revisions to financial statements information are to meet the new borrower defense regulations. The number of respondents has increased with the collection of audits from Third party servicers, lenders, lender servicers, guarantee agencies, guarantee agency servicers. These changes create a new total of 6,632 institutions/entities and a total estimated hours increase to 6,603.

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Annual Cost to Federal Government: $1,692,749

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/02/2020

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