Both higher education financial statement and compliance audits in 2022 are expected to continue to be heavily impacted by institutions’ use of Higher Education Emergency Relief Fund (HEERF) grants. Three separate rounds of funding, commonly referred to as HEERF I, HEERF II, and HEERF III, were created under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, and American Rescue Plan (ARP) Act.
Many institutions expended much, if not all, of their