Tenn. Comp. R. & Regs. 1540-01-02-.10 - AUDITS
(1) Commission staff may conduct audits to
ensure compliance with the Act and these rules. Audits may be performed at the
authorized location or by requesting that the institution forward copies of
student records to Commission staff. In the case of the latter, the provided
records will be retained by Commission staff as working papers but will be
destroyed when the audit is closed.
(2) Commission staff may audit an authorized
institution at any time without notice to the institution. However, unless the
circumstances mandate that no notice can or should be given, Commission staff
should provide at least seventy-two (72) hours' notice. Notice shall be given
by email to the institutional director.
(3) Failure to comply with any audit request
may be an audit finding, and Commission staff may recommend that the Executive
Director take adverse action, including but not limited to assessing a fine,
placing the institution on conditional authorization status, or revoking
authorization.
(4) Commission staff
will provide the institution with an audit report that lists any findings and
the frequency. The report shall require the institution to propose corrective
action for all findings or to show cause why the Executive Director or
Commission should not take adverse action, including but not limited to
assessing a fine, placing the institution on conditional authorization status,
or revoking authorization.
(5)
Tuition increases that in the opinion of the Commission are excessive,
unreasonable or exceed initial disclosure to students may result in an in-depth
audit of the institution's financial stability.
Notes
Authority: T.C.A. ยงยง 49-7-2005, 49-7-2006, and 49-7-2014.
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