Audit of Educational Institution

A collection of flashcards designed to aid in the understanding and recall of key concepts and terms related to the audit of educational institutions.

Academe

The world of education, particularly higher education institutions such as colleges and universities.

Academic Institution

An organization dedicated to education, providing instruction in various disciplines at different levels.

Public Institutions

Educational institutions funded by the government, offering subsidized tuition and mandated quality education.

Private Institutions

Independently funded and operated institutions offering tailored educational programs.

Technical-Vocational Institutions

Institutions focused on providing practical skills training for specific trades and careers.

RA 9155: Basic Education Act

A law focusing on governance of basic education, enhancing quality in public schools.

RA 10931: Tertiary Education Act

A law providing for free tuition and other school fees for students in state universities and colleges.

CHED Memorandum Orders

Guidelines and policies issued by the Commission on Higher Education for the operation of higher education institutions.

Data Privacy Act of 2012 (RA 10173)

Regulates the processing of personal information within educational institutions.

IFRS 1

First-time Adoption of International Financial Reporting Standards.

IFRS 15

Revenue recognition standard for contracts with customers.

Misstatement of Tuition Revenues

Risk related to inaccuracies in recording tuition and fee revenues due to billing or processing errors.

Educational and General Revenues

Includes sources like student tuition fees and government grants.

Auxiliary Enterprises Revenues

Earnings from facilities and services provided to faculty, staff, and students.

Expired Term Endowments

Funds reclassified from temporarily restricted to unrestricted.

Unrestricted Funds

Current funds used for day-to-day operations.

FASB 116

Accounting for Contributions Received and Made.

Segregation of Duties

Control procedure ensuring no single employee can authorize, collect, and record transactions alone.

Revenue Recognition (IFRS 15)

Assesses the policies for recognizing tuition, grants, and donations.

Internal Control Systems

Controls over cash receipts and financial reporting to prevent misappropriation.

Compliance with Regulatory Frameworks

Verifying adherence to laws and regulations influencing educational institutions

Key Audit Considerations

Specific factors unique to auditing academic institutions to ensure accurate financial representation.