The document summarizes SAS 117 on compliance audits. Key points include:
- SAS 117 establishes requirements and guidance for compliance audits when governmental agencies establish compliance requirements.
- It addresses the auditor's responsibilities in planning and performing the audit to obtain reasonable assurance about whether noncompliance occurred.
- Management is responsible for compliance with requirements and internal controls, while the auditor is responsible for obtaining sufficient evidence to form an opinion on compliance.
This document contains an introduction and compilation of sermons by Smith Wigglesworth on the topics of prayer, power, and miracles. The introduction provides background on Wigglesworth and how these sermons were recorded and compiled. The compilation is divided into three sections. The first section focuses on developing faith through preparing oneself, enlarging oneself through the Word, and learning to trust God. It contains over 20 sermons exploring different aspects of faith.
SAS 118-120 Presentation by H Kyle Anderson and Bill Ellis 10 27 2011dannynelson
SAS 118-120 provide updated standards for auditors reporting on supplementary information and other information included with audited financial statements. Specifically, SAS 118 addresses other information in documents containing audited financial statements, SAS 119 addresses supplementary information in relation to the financial statements as a whole, and SAS 120 addresses required supplementary information. The presentation provides an overview of the requirements and guidance in each standard, including the auditor's responsibilities, procedures, and reporting requirements for supplementary information, other information, and required supplementary information.
This document provides an overview of federal audit requirements and fraud prevention. It discusses changes to single audit requirements due to the American Recovery and Reinvestment Act (ARRA), including increased oversight and reporting. It also summarizes new auditing standards on internal control and accounting pronouncements on fair value measurements. Guidance is provided on protecting against fraud and maintaining proper internal controls over federal awards.
This document summarizes SAS 112 and its provisions for communicating internal control deficiencies identified during an audit. Key points include: SAS 112 requires auditors to communicate significant deficiencies and material weaknesses in writing; it provides new definitions for control deficiencies, significant deficiencies, and material weaknesses; and it changes the landscape by eliminating the option for non-written communication of internal control issues. The Legislative Auditor expects more findings to be reported and repeated annually until deficiencies are corrected. Resources provided to understand and implement SAS 112 include the SAS itself and an AICPA Audit Risk Alert.
The document provides an overview of what a government audit entails. It explains that a government audit provides confidence to stakeholders in the government's financial reporting and ensures a true and fair view of the government's financial performance and position. The document outlines the different types of audits that may be required, including a financial statement audit, single audit, and internal control audit. It describes the auditing standards and requirements that auditors must follow. The document explains what an auditor's opinion entails and discusses reasonable assurance. It provides guidance on how governments can prepare for an audit and make the process as smooth as possible.
5. For the final paper, what topic or area would you like to condu.docxblondellchancy
5. For the final paper, what topic or area would you like to conduct an audit? What will the challenges with the audit be and what type of important information would the audit provide?
Student 1 Response to Question 5
Final Paper
I would like to do an Audit on the Contra Costa County Sheriffs office officer professionalism when it relates to the off duty social media accounts. I find that this will be a solid audit based on how prevalent social media is with most employees. I think that many social media policies often are outdated due to social media progressing faster then policy can keep up with them.
Student 2 Response to Question 5
Final paper area for audit.
The topic which I am looking at for an audit would be auditing a local university campus police’s policies and procedures for responding to an active shooter on campus. Specifically, Salem State University has its own police department and there have been a couple of active-shooter incidents over the past few years. The challenge of the audit would most likely be determining if those internal policies are being followed and are in compliance with standards established by the Massachusetts University system’s standards and expectations. The benefit of such an audit is that it could determine the preparedness of the university’s campus police should an active shooter incident occur again.
For my response to Question 5:
Final paper area for audit (this is the header)
The topic I would like to conduct an audit is the Department Homeland Security (DHS) guards located at the Phillip Burton Federal Building downtown San Francisco where I work. I would like to know their protocol in responding to an active shooter. I want to know what type of trainer that have or if they are really trained.
Note: this is my topic so you can say something to this. Now you have an ideal and examples given
GAO
United States Government Accountability Office
By the Comptroller General of the
United States
December 2011
Government
Auditing
Standards
2011 Revision
GAO-12-331G
GAO
United States Government Accountability Office
By the Comptroller General of the
United States
Government
Auditing
Standards
2011 Revision
The 2011 revision of Government Auditing Standards supersedes the 2007
revision. The 2011 revision should be used by government auditors until further
updates and revisions are made. An electronic version of this document can be
accessed on GAO's Yellow Book Web page at http://www.gao.gov/yellowbook.
The 2011 revision of Government Auditing Standards is effective for financial
audits and attestation engagements for periods ending on or after December 15,
2012, and for performance audits beginning on or after December 15, 2011. Early
implementation is not permitted.
Revised on January 20, 2012, to correct a typo in paragraph 7.19.
December 2011
GAO-12-331G
http://www.gao.gov/yellowbook
Contents
Letter 1
Chapter 1
Government
Auditing:
Foundation ...
In this presentation, Graham Fleischer, S&OP Coordinator and Demand Analyst at Arysta LifeScience, discusses the work done at the dynamic multinational. He describes their changing organisation and take us through the pitfalls and successes they have encountered through dealing with people, processes and systems.
This document contains an introduction and compilation of sermons by Smith Wigglesworth on the topics of prayer, power, and miracles. The introduction provides background on Wigglesworth and how these sermons were recorded and compiled. The compilation is divided into three sections. The first section focuses on developing faith through preparing oneself, enlarging oneself through the Word, and learning to trust God. It contains over 20 sermons exploring different aspects of faith.
SAS 118-120 Presentation by H Kyle Anderson and Bill Ellis 10 27 2011dannynelson
SAS 118-120 provide updated standards for auditors reporting on supplementary information and other information included with audited financial statements. Specifically, SAS 118 addresses other information in documents containing audited financial statements, SAS 119 addresses supplementary information in relation to the financial statements as a whole, and SAS 120 addresses required supplementary information. The presentation provides an overview of the requirements and guidance in each standard, including the auditor's responsibilities, procedures, and reporting requirements for supplementary information, other information, and required supplementary information.
This document provides an overview of federal audit requirements and fraud prevention. It discusses changes to single audit requirements due to the American Recovery and Reinvestment Act (ARRA), including increased oversight and reporting. It also summarizes new auditing standards on internal control and accounting pronouncements on fair value measurements. Guidance is provided on protecting against fraud and maintaining proper internal controls over federal awards.
This document summarizes SAS 112 and its provisions for communicating internal control deficiencies identified during an audit. Key points include: SAS 112 requires auditors to communicate significant deficiencies and material weaknesses in writing; it provides new definitions for control deficiencies, significant deficiencies, and material weaknesses; and it changes the landscape by eliminating the option for non-written communication of internal control issues. The Legislative Auditor expects more findings to be reported and repeated annually until deficiencies are corrected. Resources provided to understand and implement SAS 112 include the SAS itself and an AICPA Audit Risk Alert.
The document provides an overview of what a government audit entails. It explains that a government audit provides confidence to stakeholders in the government's financial reporting and ensures a true and fair view of the government's financial performance and position. The document outlines the different types of audits that may be required, including a financial statement audit, single audit, and internal control audit. It describes the auditing standards and requirements that auditors must follow. The document explains what an auditor's opinion entails and discusses reasonable assurance. It provides guidance on how governments can prepare for an audit and make the process as smooth as possible.
5. For the final paper, what topic or area would you like to condu.docxblondellchancy
5. For the final paper, what topic or area would you like to conduct an audit? What will the challenges with the audit be and what type of important information would the audit provide?
Student 1 Response to Question 5
Final Paper
I would like to do an Audit on the Contra Costa County Sheriffs office officer professionalism when it relates to the off duty social media accounts. I find that this will be a solid audit based on how prevalent social media is with most employees. I think that many social media policies often are outdated due to social media progressing faster then policy can keep up with them.
Student 2 Response to Question 5
Final paper area for audit.
The topic which I am looking at for an audit would be auditing a local university campus police’s policies and procedures for responding to an active shooter on campus. Specifically, Salem State University has its own police department and there have been a couple of active-shooter incidents over the past few years. The challenge of the audit would most likely be determining if those internal policies are being followed and are in compliance with standards established by the Massachusetts University system’s standards and expectations. The benefit of such an audit is that it could determine the preparedness of the university’s campus police should an active shooter incident occur again.
For my response to Question 5:
Final paper area for audit (this is the header)
The topic I would like to conduct an audit is the Department Homeland Security (DHS) guards located at the Phillip Burton Federal Building downtown San Francisco where I work. I would like to know their protocol in responding to an active shooter. I want to know what type of trainer that have or if they are really trained.
Note: this is my topic so you can say something to this. Now you have an ideal and examples given
GAO
United States Government Accountability Office
By the Comptroller General of the
United States
December 2011
Government
Auditing
Standards
2011 Revision
GAO-12-331G
GAO
United States Government Accountability Office
By the Comptroller General of the
United States
Government
Auditing
Standards
2011 Revision
The 2011 revision of Government Auditing Standards supersedes the 2007
revision. The 2011 revision should be used by government auditors until further
updates and revisions are made. An electronic version of this document can be
accessed on GAO's Yellow Book Web page at http://www.gao.gov/yellowbook.
The 2011 revision of Government Auditing Standards is effective for financial
audits and attestation engagements for periods ending on or after December 15,
2012, and for performance audits beginning on or after December 15, 2011. Early
implementation is not permitted.
Revised on January 20, 2012, to correct a typo in paragraph 7.19.
December 2011
GAO-12-331G
http://www.gao.gov/yellowbook
Contents
Letter 1
Chapter 1
Government
Auditing:
Foundation ...
In this presentation, Graham Fleischer, S&OP Coordinator and Demand Analyst at Arysta LifeScience, discusses the work done at the dynamic multinational. He describes their changing organisation and take us through the pitfalls and successes they have encountered through dealing with people, processes and systems.
This document summarizes a presentation on managing US federal awards and the internal control and accounting system implications of the new Uniform Guidance. The presentation covers an overview of the new guidance which consolidates various circulars on administrative requirements, cost principles, and audit requirements for federal awards into a single document known as the "SuperCircular". It discusses key changes and requirements around pre-award administration, sub-recipient monitoring, indirect cost rates, and tracking both financial and non-financial data in accounting systems. The presentation demonstrates features in Dynamics GP and Intacct for managing federal grants information and reporting.
Week 5 Learning Team Assignment Grading GuideACC492 Version.docxcockekeshia
Week 5 Learning Team Assignment Grading Guide
ACC/492 Version 8
2
Learning Team Assignment: Week 5 Learning Team Assignment
Purpose of Assignment
Prior to completing the audit, the auditor needs to identify any activity that might affect their reporting. Identification of contingent liabilities and subsequent events are key links between completing fieldwork and issuing the auditors’ report.
A contingent liability is a potential liability (e.g. damages to be paid for a pending lawsuit or a product warranty). For example, if the outcome of a lawsuit and/or amount to be paid in a lawsuit is unknown or unknowable, the company cannot or should not record the amount owed in a particular period in its financial statements. The company may be found not liable for the lawsuit. However, because there is the potential for damages payments, this information needs to be disclosed so the reader of the financial statements can factor that information into their analysis of the company. Likewise, use of warranties is often an unknown.
Consequently, how the company plans to account for these should be disclosed.
According to the AICPA, “An independent auditor's report ordinarily is issued in connection with historical financial statements that purport to present financial position at a stated date and results of operations and cash flows for a period ended on that date. However, events or transactions sometimes occur subsequent to the balance-sheet date, but prior to the issuance of the financial statements. This can have a material effect on the financial statements and therefore require adjustment or disclosure in the statements. These occurrences hereinafter are referred to as "subsequent events." (AU 560).
The purpose of this assignment is to give the student some experience in addressing two key steps an auditor goes through as they complete fieldwork and begin preparing for the reporting phase of the audit.
Grading Guide
Content
Met
Partially Met
Not Met
Comments:
Explains the importance of reviewing for contingent liabilities and subsequent events.
Describes the requirements for reviewing for contingent liabilities and subsequent events.
Presentation consists of 10 to 12-slides and is appropriate for the audience.
The presentation includes relevant media and visual aids that are consistent with the content.
Total Available
Total Earned
X
#/X
Presentation Guidelines
Met
Partially Met
Not Met
Comments:
The presentation is laid out with effective use of headings, font styles, font sizes, and white space.
Intellectual property is recognized with in-text citations and a reference slide.
The presentation includes an introduction and conclusion that preview and review major points.
Major points are stated clearly; are supported by specific details, examples, or analysis; and are organized logically.
Rules of grammar and usage are followed including spelling and punctuation.
Total Available
To.
Understanding Federal Programs from an Auditor PerspectiveDiane Bradley
The document discusses federal compliance requirements for the Child Nutrition Cluster federal program from an auditor's perspective. It provides an overview of the financial and federal compliance audit process as it relates to a school district's food service fund. It then reviews 12 potential federal compliance requirements and how auditors would test for compliance. Specific requirements covered in more depth include activities allowed/allowable costs, cash management, eligibility, equipment/property management, matching, period of performance, procurement/suspension and debarment, program income, reporting, and special tests and provisions such as verification of free and reduced price meal applications. The document emphasizes the importance of internal controls and provides examples of key controls for each compliance requirement.
The document discusses the impact of Statement on Auditing Standards (SAS) 112 on governmental financial statement audits. Key points include:
1) SAS 112 replaces the term "reportable condition" with "significant deficiency" and "material weakness" to describe control deficiencies that must be communicated.
2) Communication of deficiencies to management and those charged with governance must be in writing.
3) Previously communicated deficiencies that continue to exist must still be communicated.
4) Communication is best by the report release date, but no later than 60 days after.
This document discusses the importance of independent audits for nonprofits. It notes that many states require 501(c)(3) organizations above certain revenue thresholds to complete independent audits, though some funders may also require audits for smaller nonprofits. Independent audits provide accuracy in financial reporting and help ensure proper reporting to granting agencies, donors, and other stakeholders. The document outlines the two main types of independent audits - those following Generally Accepted Auditing Standards and those following Generally Accepted Government Auditing Standards - and notes alternatives like reviews and compilations that may be appropriate for nonprofits not requiring a full audit. It stresses the importance of determining funder requirements to ensure compliance.
The document discusses recently issued auditing standards from the AICPA Auditing Standards Board, including SAS 134-143. SAS 134-140 relate to auditor reporting and were originally effective for periods ending on or after December 15, 2020 but have been amended to be effective for periods ending on or after December 15, 2021, with early implementation permitted. The standards introduce significant changes to the form and content of audit reports, including placing the auditor's opinion first and introducing key audit matters.
This document provides an overview of audit planning topics including:
- The importance of audit planning to obtain sufficient evidence and keep costs reasonable.
- Key planning activities like understanding the client's business, assessing risks, and developing responses.
- How inherent, control, and detection risks contribute to overall audit risk.
- The use of analytical procedures during planning, fieldwork, and completion to identify unusual fluctuations.
- The three phases of audit work: planning, interim, and final, and how they relate to risk assessment and evidence gathering.
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice questions, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. Performance audits conducted on government programs focus on evaluating efficiency, effectiveness, and if the program is achieving desired results. The document is a practice quiz to
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. The document is a practice quiz to test understanding of auditing standards and requirements for governments and not-for-profits receiving federal financial assistance.
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice questions, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. The document is a practice quiz to test understanding of auditing standards and requirements for governments and not-for-profits receiving federal financial assistance.
The document discusses the overall audit plan and audit program. It covers:
1) Applying audit testing including tests of controls, testing for monetary misstatements, and reducing audit risk.
2) Designing the audit program including tests of controls, substantive tests of transactions, analytical procedures, and tests of details of balances.
3) Selecting appropriate audit tests considering the cost of testing, appropriate evidence needed, and how risk affects testing.
1.8.0 SITTNER CONOCO TRAIN HOW TO SURVIVE AN AUDITSCOTT SITTNER
This document outlines the traditional audit process steps that an auditor would follow when conducting an audit of a quality program. It describes 27 sequential steps, from selecting a lead auditor to schedule the audit, to conducting the audit using checklists, identifying any deficiencies, reporting the results, and ensuring corrective actions are implemented and verified. The goal is to verify that the quality program is effectively implemented per specified requirements through examination of objective evidence.
This document summarizes the features and benefits of the SBS Q-Med Database software for managing quality systems in medical device and FDA-regulated industries. The software allows users to track nonconformances, corrective and preventive actions, audits, meetings, and customer satisfaction surveys. It provides templates for documentation, electronic signatures, and reporting functionality to analyze data. The software is intended to help users comply with quality standards like ISO 13485, 21 CFR 820 and improve processes through effective management of quality records and metrics.
Financial reporting compliance cloud service presentationFeras Ahmad
The Financial Reporting Compliance Cloud consolidates the process of documenting and assessing business practices to comply with financial reporting regulations like Sarbanes-Oxley. It allows users to identify and assess financial reporting risks, respond by selecting and testing controls, determine control effectiveness, review and remediate issues, and certify controls and financial reports. The service provides a risk management best practice process to document risks and controls, assess control effectiveness, identify unwanted access and transactions, deploy advanced controls, address issues, and fine-tune risks and controls on an ongoing basis.
Financial statements & accounting standards update sept 2012Matthew Green
The document provides an overview and disclaimer for a presentation on financial statements and accounting standards, noting that it is intended for general guidance only and should not be considered a substitute for professional advice. It also states that the accuracy of the information provided cannot be guaranteed given that standards and interpretations may change over time. The document is copyrighted by Hanrick Curran from September 2012.
Financial management is the constant process of tracking progress towards financial objectives and safeguarding the financial assets of an organization. Financial management is important to grantees and project sponsors administering federal programs for several reasons: it helps organizations budget for activities; it promotes sound and efficient operation of organizations and their programs; it serves the need for accountability to funding agencies and beneficiaries of the program(s); and it is required by law. This workshop will provide practical recommendations on managing program budgets by illustrating examples of best practices and financial tools needed to manage grants and contracts effectively.
This document summarizes a presentation on managing US federal awards and the internal control and accounting system implications of the new Uniform Guidance. The presentation covers an overview of the new guidance which consolidates various circulars on administrative requirements, cost principles, and audit requirements for federal awards into a single document known as the "SuperCircular". It discusses key changes and requirements around pre-award administration, sub-recipient monitoring, indirect cost rates, and tracking both financial and non-financial data in accounting systems. The presentation demonstrates features in Dynamics GP and Intacct for managing federal grants information and reporting.
Week 5 Learning Team Assignment Grading GuideACC492 Version.docxcockekeshia
Week 5 Learning Team Assignment Grading Guide
ACC/492 Version 8
2
Learning Team Assignment: Week 5 Learning Team Assignment
Purpose of Assignment
Prior to completing the audit, the auditor needs to identify any activity that might affect their reporting. Identification of contingent liabilities and subsequent events are key links between completing fieldwork and issuing the auditors’ report.
A contingent liability is a potential liability (e.g. damages to be paid for a pending lawsuit or a product warranty). For example, if the outcome of a lawsuit and/or amount to be paid in a lawsuit is unknown or unknowable, the company cannot or should not record the amount owed in a particular period in its financial statements. The company may be found not liable for the lawsuit. However, because there is the potential for damages payments, this information needs to be disclosed so the reader of the financial statements can factor that information into their analysis of the company. Likewise, use of warranties is often an unknown.
Consequently, how the company plans to account for these should be disclosed.
According to the AICPA, “An independent auditor's report ordinarily is issued in connection with historical financial statements that purport to present financial position at a stated date and results of operations and cash flows for a period ended on that date. However, events or transactions sometimes occur subsequent to the balance-sheet date, but prior to the issuance of the financial statements. This can have a material effect on the financial statements and therefore require adjustment or disclosure in the statements. These occurrences hereinafter are referred to as "subsequent events." (AU 560).
The purpose of this assignment is to give the student some experience in addressing two key steps an auditor goes through as they complete fieldwork and begin preparing for the reporting phase of the audit.
Grading Guide
Content
Met
Partially Met
Not Met
Comments:
Explains the importance of reviewing for contingent liabilities and subsequent events.
Describes the requirements for reviewing for contingent liabilities and subsequent events.
Presentation consists of 10 to 12-slides and is appropriate for the audience.
The presentation includes relevant media and visual aids that are consistent with the content.
Total Available
Total Earned
X
#/X
Presentation Guidelines
Met
Partially Met
Not Met
Comments:
The presentation is laid out with effective use of headings, font styles, font sizes, and white space.
Intellectual property is recognized with in-text citations and a reference slide.
The presentation includes an introduction and conclusion that preview and review major points.
Major points are stated clearly; are supported by specific details, examples, or analysis; and are organized logically.
Rules of grammar and usage are followed including spelling and punctuation.
Total Available
To.
Understanding Federal Programs from an Auditor PerspectiveDiane Bradley
The document discusses federal compliance requirements for the Child Nutrition Cluster federal program from an auditor's perspective. It provides an overview of the financial and federal compliance audit process as it relates to a school district's food service fund. It then reviews 12 potential federal compliance requirements and how auditors would test for compliance. Specific requirements covered in more depth include activities allowed/allowable costs, cash management, eligibility, equipment/property management, matching, period of performance, procurement/suspension and debarment, program income, reporting, and special tests and provisions such as verification of free and reduced price meal applications. The document emphasizes the importance of internal controls and provides examples of key controls for each compliance requirement.
The document discusses the impact of Statement on Auditing Standards (SAS) 112 on governmental financial statement audits. Key points include:
1) SAS 112 replaces the term "reportable condition" with "significant deficiency" and "material weakness" to describe control deficiencies that must be communicated.
2) Communication of deficiencies to management and those charged with governance must be in writing.
3) Previously communicated deficiencies that continue to exist must still be communicated.
4) Communication is best by the report release date, but no later than 60 days after.
This document discusses the importance of independent audits for nonprofits. It notes that many states require 501(c)(3) organizations above certain revenue thresholds to complete independent audits, though some funders may also require audits for smaller nonprofits. Independent audits provide accuracy in financial reporting and help ensure proper reporting to granting agencies, donors, and other stakeholders. The document outlines the two main types of independent audits - those following Generally Accepted Auditing Standards and those following Generally Accepted Government Auditing Standards - and notes alternatives like reviews and compilations that may be appropriate for nonprofits not requiring a full audit. It stresses the importance of determining funder requirements to ensure compliance.
The document discusses recently issued auditing standards from the AICPA Auditing Standards Board, including SAS 134-143. SAS 134-140 relate to auditor reporting and were originally effective for periods ending on or after December 15, 2020 but have been amended to be effective for periods ending on or after December 15, 2021, with early implementation permitted. The standards introduce significant changes to the form and content of audit reports, including placing the auditor's opinion first and introducing key audit matters.
This document provides an overview of audit planning topics including:
- The importance of audit planning to obtain sufficient evidence and keep costs reasonable.
- Key planning activities like understanding the client's business, assessing risks, and developing responses.
- How inherent, control, and detection risks contribute to overall audit risk.
- The use of analytical procedures during planning, fieldwork, and completion to identify unusual fluctuations.
- The three phases of audit work: planning, interim, and final, and how they relate to risk assessment and evidence gathering.
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice questions, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. Performance audits conducted on government programs focus on evaluating efficiency, effectiveness, and if the program is achieving desired results. The document is a practice quiz to
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. The document is a practice quiz to test understanding of auditing standards and requirements for governments and not-for-profits receiving federal financial assistance.
1. The document contains a quiz on auditing governments and not-for-profit organizations from ACC 410 Week 10. It includes true/false questions, multiple choice questions, and essay questions on topics like the Single Audit Act, Government Auditing Standards, and compliance requirements for federal award recipients.
2. Key standards and laws discussed include the Yellow Book, Government Auditing Standards, Single Audit Act, and Sarbanes-Oxley Act. The quiz questions cover requirements for single audits, auditor qualifications, and assessing compliance in performance audits.
3. The document is a practice quiz to test understanding of auditing standards and requirements for governments and not-for-profits receiving federal financial assistance.
The document discusses the overall audit plan and audit program. It covers:
1) Applying audit testing including tests of controls, testing for monetary misstatements, and reducing audit risk.
2) Designing the audit program including tests of controls, substantive tests of transactions, analytical procedures, and tests of details of balances.
3) Selecting appropriate audit tests considering the cost of testing, appropriate evidence needed, and how risk affects testing.
1.8.0 SITTNER CONOCO TRAIN HOW TO SURVIVE AN AUDITSCOTT SITTNER
This document outlines the traditional audit process steps that an auditor would follow when conducting an audit of a quality program. It describes 27 sequential steps, from selecting a lead auditor to schedule the audit, to conducting the audit using checklists, identifying any deficiencies, reporting the results, and ensuring corrective actions are implemented and verified. The goal is to verify that the quality program is effectively implemented per specified requirements through examination of objective evidence.
This document summarizes the features and benefits of the SBS Q-Med Database software for managing quality systems in medical device and FDA-regulated industries. The software allows users to track nonconformances, corrective and preventive actions, audits, meetings, and customer satisfaction surveys. It provides templates for documentation, electronic signatures, and reporting functionality to analyze data. The software is intended to help users comply with quality standards like ISO 13485, 21 CFR 820 and improve processes through effective management of quality records and metrics.
Financial reporting compliance cloud service presentationFeras Ahmad
The Financial Reporting Compliance Cloud consolidates the process of documenting and assessing business practices to comply with financial reporting regulations like Sarbanes-Oxley. It allows users to identify and assess financial reporting risks, respond by selecting and testing controls, determine control effectiveness, review and remediate issues, and certify controls and financial reports. The service provides a risk management best practice process to document risks and controls, assess control effectiveness, identify unwanted access and transactions, deploy advanced controls, address issues, and fine-tune risks and controls on an ongoing basis.
Financial statements & accounting standards update sept 2012Matthew Green
The document provides an overview and disclaimer for a presentation on financial statements and accounting standards, noting that it is intended for general guidance only and should not be considered a substitute for professional advice. It also states that the accuracy of the information provided cannot be guaranteed given that standards and interpretations may change over time. The document is copyrighted by Hanrick Curran from September 2012.
Financial management is the constant process of tracking progress towards financial objectives and safeguarding the financial assets of an organization. Financial management is important to grantees and project sponsors administering federal programs for several reasons: it helps organizations budget for activities; it promotes sound and efficient operation of organizations and their programs; it serves the need for accountability to funding agencies and beneficiaries of the program(s); and it is required by law. This workshop will provide practical recommendations on managing program budgets by illustrating examples of best practices and financial tools needed to manage grants and contracts effectively.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
1. SAS 117 Compliance Audits
A&A UPDATES
H. Kyle Anderson, CGMA, CMA, CPA
Bill Ellis, CPA
John Kunst, CPA
2. A & A Update and Review, Inc
6514 Dobbins Bridge Road
Anderson, SC 29626
(864) 933-3815 Fax: (888) 411-7668
Website: www.aandaupdate.com
E-mail: kyle@aandaupdate.com
Skype: hkacpa
3. SAS 117 Compliance Audits
Compliance Audits
Supersedes SAS No. 74
Effective for periods ending on or
after June 15, 2010
A&A UPDATES H. Kyle Anderson, CMA, CPA
4. Objectives
What are the audit requirements when Governmental agencies
establish compliance requirements.
Authoritative guidance:
Governmental Auditing Standards (GAGAS)
Circular A-133, Audits of States, Local Governments & Non-
Profit Entities
Generally Accepted Auditing Standards (GAAS)
Auditor’s professional responsibilities
Required procedures
Reporting requirements
A&A UPDATES H. Kyle Anderson, CMA, CPA
5. Objectives
What are Management’s Responsibilities for:
Compliance requirements
Internal controls
Identifying & disclosing noncompliance
Providing written representations to
auditors
A&A UPDATES H. Kyle Anderson, CMA, CPA
6. Objectives
Review of Resources and updates available for:
Governmental Auditing Standards (GAGAS)
Circular A-133, Audits of States, Local
Governments & Non-Profit Entities
Generally Accepted Auditing Standards
(GAAS)
A&A UPDATES H. Kyle Anderson, CMA, CPA
7. Update from Clarity Project released October 2011
SAS 117 was issued using Clarity project
standards and is currently effective.
SAS 122, Statements on Auditing Standard:
Clarification and Recodification,
SAS 123, Omnibus Statement on Auditing
Standards – 2011, Released October 2011
amends SAS 118.
The effective date for SAS 123 is for
audits of financial statements for periods
ending after 12/15/2012.
A&A UPDATES H. Kyle Anderson, CMA, CPA
8. Update from Clarity Project released October 2011
SAS No. 117, Compliance Audits
Issued December 2009
Effective June 15, 2010.
Early Application permitted.
Currently AU 801 / New AU-C 935.
A&A UPDATES H. Kyle Anderson, CMA, CPA
9. Reference Material to download for webinar
Today, we will cover material available on the AICPA website at:
http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx
Please download AU 801 prior to the start of the webinar.
The material covered will be referenced to the current AU
section and the new Clarity Project section AU-C.
Office of Management and Budget at:
http://www.whitehouse.gov/omb/circulars_default/
Please download OMB Circular A-133, Compliance Supplement
2011 (see bottom of page for complete download)
Government accountability Office at: http://www.gao.gov/yellowbook
Please download Government Auditing Standards, December
2011 Revision (GAO-12-331G)
Summary of Major changes
Listing of Technical Changes
A&A UPDATES H. Kyle Anderson, CMA, CPA
10. SAS 117
Compliance Audits
Introduction and Applicability
Auditor’s engaged or required by law to perform compliance
audits in accordance with:
GAAS Generally Accepted Auditing Standards
GAGAS Governmental Auditing Standards
Governmental requires an auditor to express an opinion
While all AU sections are applicable to financial statement
audits, not all AU sections are applicable to Compliance
Audits
Effective Date
Effective for fiscal periods ending on or before June 15, 2010 with
early application permitted.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.01 - .09 / AU-C 935.01 - .09
11. SAS 117
Compliance Audits
Management’s Responsibilities
Management should:
Identify and comply with compliance requirements
Establish and maintain internal controls
Evaluate and monitor compliance requirements
Take corrective actions for non-compliance
Auditor’s Objectives
Obtain sufficient evidence to form an opinion on compliance
with applicable compliance requirements
Identify required supplementary audit, reporting and
performance procedures
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.01 - .09 / AU-C 935.01 - .09
12. SAS 117
Definitions
Applicable compliance requirements. Requirements
subject to a compliance audit.
Compliance audit. Program-specific or organization-wide
audit of compliance with compliance requirements.
Compliance Requirements. Applicable laws, regulation,
rules, contracts or grant agreements required for
government programs.
Deficiency in internal control over compliance. Internal
control design, operation or control deficiency that does not
prevent, detect or correct noncompliance on a timely basis.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.11 / AU-C 935.11
13. SAS 117
Definitions
Government Auditing Standards. Issued by Comptroller General of
United States, U.S. Government Accountability Office. Known as
Generally Accepted Government Auditing Standards (GAGAS) or the
Yellow Book.
Material noncompliance. A failure to follow compliance requirements
that results in material impact, individual or in the aggregate to the
government program.
Material weakness in internal control over compliance. A deficiency
where there is a reasonable possibility that material will not be
prevented, detected and corrected on a timely basis. Reasonably
possible: The chance is more than remote but less than likely.
Remote: The chance is slight. Probable: The event or events are likely
to occur.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.11 / AU-C 935.11
14. SAS 117
Definitions
Program-specific audit. A compliance audit performed in
conjunction with an audit of the entity’s or program’s financial
statements.
Risk of material noncompliance. Two components of
noncompliance existing prior to the audit:
Inherent risk of noncompliance. Susceptibility of
noncompliance before considering related controls
Control risk of noncompliance. Risk noncompliance will not
be prevented, detected, or corrected on a timely basis by
internal controls
A significant deficiency in internal control over compliance is
less severe but still warrants attention.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.11 / AU-C 935.11
15. SAS 117
Auditor’s use of Professional Judgment
Auditors should exercise professional judgment
adapting AU sections for compliance audits:
Specific excluded sections are listed in AU
801.A41 / AU-C 935.A41
OMB and GAGAS contain additional guidance
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.12 / AU-C 935.12
16. SAS 117
Establishing Materiality Levels
Materiality levels are based on Governmental Audit requirements.
Auditor should establish materiality levels to :
Determine risk assessment procedures
Assess risk of noncompliance
Determine further audit procedures
Evaluate compliance with requirements
Report noncompliance and other matters
Management is responsible for identifying and complying with
compliance requirements.
AU 801.13 / AU-C 935.13
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A6-A8 / AU-C 935.A6-A8
17. SAS 117
Identifying Government Programs and Applicable
Compliance Requirements
Management is responsible for identifying and
complying with compliance requirements.
Auditor is responsible for determining programs and
compliance requirements to test
Part 3, Circular A-133 Compliance Dated 12/2011
identifies 14 compliance requirements that should be
considered in every Cir. A-133 Compliance audit:
A—Activities allowed or not allowed
B—Allowable costs/cost principles
C—Cash management
D—Davis-Bacon Act
E—Eligibility
AU 801.14 / AU-C 935.14
AU 801.A10-A10 / AU-C 935.A10- A10
A&A UPDATES H. Kyle Anderson, CMA, CPA
Circular A-133 Compliance Supplement, Part 3
18. SAS 117
Identifying Government Programs and Applicable
Compliance Requirements
Cir. A-133 14 compliance requirements continued:
F—Equipment and real property management
G—Matching, level of effort, earmarking
H—Period of availability of federal funds
I—Procurement and suspension and debarment
J—Program income
K—Real property acquisition and relocation
assistance
L—Reporting
M—Sub recipient monitoring
N—Special tests and provisions AU 801.14 / AU-C 935.14
AU 801.A10 - A11 / AU-C 935.A10 -A11
A&A UPDATES H. Kyle Anderson, CMA, CPA
Circular A-133 Compliance Supplement, Part 3
19. SAS 117
Identifying Government Programs and Applicable
Compliance Requirements
Additional procedures to assess requirements
where guidance is not available:
Read laws, regulations, rules, contracts or grant
agreements
Inquiry within entity
Inquiry outside the entity
Minutes of governing boards
Prior auditors
AU 801.15-.17 / AU-C 935.15-.17
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A12 - A18 / AU-C 935.A.12 –A18
20. SAS 117
Performing Risk Assessment Procedures
The Auditor should:
Gain understanding of internal controls
Assess risk
Determine
Nature,
Timing, and
Extent of audit procedures
Inquire of prior findings, recommendations or
reports and management’s response
The auditor should assess risk of pervasive fraud or
error in assessing risk of material noncompliance
AU 801.15-.17 / AU-C 935.15-.17
AU 801.A12 - A18 / AU-C 935.A.12 –A18
A&A UPDATES H. Kyle Anderson, CMA, CPA
21. SAS 117
Risk Assessment factors
Compliance Requirements
Newness, length of applicability and/or
complexity
Judgment required for compliance
Nature
Entity’s services provided
Internal controls
Auditor’s knowledge
Control environment and activities
Design and implementation
Monitoring
AU 801.15-.17 / AU-C 935.15-.17
AU 801.A12 - A18 / AU-C 935.A.12 –A18
A&A UPDATES H. Kyle Anderson, CMA, CPA
22. SAS 117
Risk Assessment factors
Prior years findings
Oversight by grantor or pass-through entities
Management’s response
Risk related to noncompliance
Potential impact of noncompliance
Impact in financial statement audits
Entity’s financial condition
Entity’s recordkeeping
Risk evaluation can be individual areas or in
combination with other areas.
AU 801.15-.17 / AU-C 935.15-.17
AU 801.A12 - A18 / AU-C 935.A.12 –A18
A&A UPDATES H. Kyle Anderson, CMA, CPA
23. SAS 117
Further Audit Procedures in Response to Assessed
Risk
Pervasive Risk of Noncompliance
Tests of details
Tests of transactions
Tests of controls if:
Risk assessment includes expectation
of effectiveness of controls
Substantive procedures insufficient
Governmental requirement
AU 801.18-.22 / AU-C 935.18-.22
AU 801.A19 – A27 / AU-C 935.A.19 –A27
A&A UPDATES H. Kyle Anderson, CMA, CPA
24. SAS 117
Further Audit Procedures in Response to Assessed
Risk
Relevant Guidance:
AU 318, Performing Audit Procedures in Response to Assessed
Risks and Evaluating the Audit Evidence Obtained in:
Response to risk of noncompliance
AU 350 Audit Sampling, AICPA Audit Guide Government
Auditing Standards, and OMB Circular A-133 for:
Planning, designing and evaluating audit samples
Identifying major programs
Additional audit requirements supplementary to:
GAAS
GAGAS
AU 801.18-.22 / AU-C 935.18-.22
AU 801.A19 – A27 / AU-C 935.A.19 –A27
A&A UPDATES H. Kyle Anderson, CMA, CPA
25. SAS 117
Further Audit Procedures in Response to Assessed
Risk
Compliance testing can utilize tests of details and transactions for:
Grants disbursements & expenditures
Eligibility files
Cost allocation plans
Reports filed with grantor agencies
Substantive Analytical procedures can be used in combination with
tests of transactions and other audit procedures.
AU 801.18-.22 / AU-C 935.18-.22
AU 801.A19 – A27 / AU-C 935.A.19 –A27
A&A UPDATES H. Kyle Anderson, CMA, CPA
26. SAS 117
Written Management Representations:
Written management representations should
acknowledge responsibility for:
Compliance requirements
Compliance related internal controls
Identifying programs and activities subject to
requirements
Providing all contracts and grant agreements and
compliance documents for auditor
Disclosing all noncompliance issues, including
grantors and pass-through entities
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.23 - .24 / AU-C 935.23 - .24
27. SAS 117
Written Management Representations:
Written management representations should
acknowledge responsibility for:
Belief of compliance with requirements
Interpretations of compliance requirements
Disclosure of corrective actions from prior
engagements of compliance activities.
Disclosure of all known noncompliance issues
subsequent to the audit report
Responsibility for corrective actions for
noncompliance
Additional guidance can be found at AU 333,
Management Representations.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.23 - .24 / AU-C 935.23 - .24
28. SAS 117
Subsequent Events:
Subsequent events procedures should be performed up to the
date of the report
Subsequent event inquiry of managements should include:
Internal Auditor’s reports
Other auditors’, grantors and pass-through entities
noncompliance issues
Other professional engagements noncompliance issues
Auditors have No responsibility to perform audit procedure during
subsequent events other than discussion with management or those in
charge of governance.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.25 - .27 / AU-C 935.25 - .27
29. SAS 117
Sufficiency and Appropriateness of Audit Evidence
and Forming an Opinion
Sufficiency and appropriateness is determined at the
governmental level and should include:
Likely questioned costs
Material noncompliance issues
Frequency of noncompliance
Nature
Adequacy of monitoring system
Likelihood of noncompliance of a material likely
questioned cost
AU 801.28 - .29 / AU-C 935.28 - .29
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A31 – A32 / AU-C 935.A31 – A32
30. SAS 117
Reporting: Additional GAGAS Standards
GAGAS contains eight additional reporting standards different from
GAAS as follows:
1. Reports should state the audit was performed in accordance
with Generally Accepted Governmental Audit Standards
2. Auditors must report on internal control over financial reporting
and compliance with laws, regulations, and provisions of
contracts or grants when providing an opinion on financial
statements.
3. In financial audits, auditors must report significant deficiencies and
material weaknesses in internal controls, fraud and illegal acts,
violations of provisions of contracts or grant agreements having
a material impact on financial statements
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 - .38 / AU-C 935.30 - .38
31. SAS 117
Reporting: Additional GAGAS Standards
Additional GAGAS reporting standards different from GAAS:
4. An auditor may emphasize the following matters under GAGAS:
1) Significant concerns or uncertainties about fiscal
sustainability that may have a material financial impact
2) Unusual or catastrophic events that will likely have a
significant future financial impact
3) Significant uncertainties regarding projections or estimates
in the financial statements
4) Other matters deemed significant to users and oversight
bodies
5. Auditors are required to advise management to make appropriate
disclosures and perform additional procedures for new
information that materially impacts previously issued financial
statements
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 - .38 / AU-C 935.30 - .38
32. SAS 117
Reporting: Additional GAGAS Standards
Additional GAGAS reporting standards different from GAAS:
6. Auditor must obtain a response from responsible officials
regarding disclosures of deficiencies in internal control, fraud,
illegal acts or contract and grant agreement violations
7. Information omitted from public disclosure must be noted with
the reasons for omission in the auditor’s report
8. Report distribution is required to those charged with governance,
officials, oversight bodies and organizations requiring or ordering
the audit. Public accounting firms must clarify specific
arrangements for distribution.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 - .38 / AU-C 935.30 - .38
33. SAS 117
Reporting Examples: coverage in webinar
Please go to Exhibits in AU 801.A42 / AU-C 935.A42
We will cover the Combined Report on Compliance and
Internal Control Over Compliance because it contains all
the provisions of section .30 for Compliance Only
requirements as well as additional Internal Control Over
Compliance requirements.
I have separated those reporting requirements in the next
slides for your reference.
AU 801.30 / AU-C 935.30
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A42 / AU-C 935.A42
34. SAS 117
Reporting Requirements: Compliance only report
Auditors report should include:
Title with the word independent
Government programs covered by the compliance audit
Applicable compliance requirements
Period covered by the report
Management’s responsibility for compliance
requirements
Auditor's responsibility for opinion on the entity's
compliance with the compliance requirements
Audit conducted in accordance with GAAS and GAGAS
Audit examined evidence on a test basis and other
procedures the auditor considered necessary
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 / AU-C 935.30
35. SAS 117
Reporting Requirements: Compliance only report
Auditors report should include:
Auditor believes the audit provided a reasonable
basis for opinion
Compliance audits do not provide a legal
determination of the entity's compliance
Auditor's opinion whether the entity materially
complied with the compliance requirements
Description of noncompliance or a reference to a
description of such noncompliance if:
Results in opinion modification
Required to be reported by the
governmental audit requirements and does not
result in opinion modification
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 / AU-C 935.30
36. SAS 117
Reporting Requirements: Compliance only report
Auditors report should include:
If Compliance evaluation criteria are established by
contractual agreement or regulatory provisions solely for
the parties to the agreement or regulatory agency or
available only to specified parties.
Statement report intended solely for the information
and use of specified parties, identification of specified
parties, and report not intended to be used by anyone
else
Auditor’s firm signature
Auditor's report date
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.30 / AU-C 935.30
37. SAS 117
Reporting Requirements: Combined Report on
Compliance and Internal Control Over Compliance
Additional requirements for combined reports:
Management’s responsibility for internal control over
compliance with applicable laws, regulations, rules, contracts
or grant agreements.
Auditor’s consideration of entity’s internal control in
planning and performance of the audit to express an opinion
on compliance but not to express an opinion on the
effectiveness of internal control over compliance.
Auditor is not expressing an opinion on internal control
over compliance.
Auditor's consideration of the entity's internal control not
designed to identify all deficiencies that might constitute
significant or material weaknesses.
AU 801.31 / AU-C 935.31
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A42 / AU-C 935.A42
38. SAS 117
Reporting Requirements: Combined Report on
Compliance and Internal Control Over Compliance
Additional requirements for combined reports:
Definition of deficiency and material weakness in internal
control over compliance.
A description or reference to schedule of any identified
material weaknesses in internal control over compliance.
A description or reference to schedule of any significant
deficiencies in internal control over compliance.
Statement that no material weaknesses in internal control
were identified if none found.
Statement report intended solely for the information and
use of specified parties, identification of specified parties,
and report not intended to be used by anyone else
.
AU 801.31 / AU-C 935.31
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A42 / AU-C 935.A42
39. SAS 117
Reporting Requirements: Separate Report on Internal
Control Over Compliance
Requirements in addition to AU 801.31 / AU-C 935.31 for Separate
Report:
Title with the word independent
Governmental program and period audited
Signature
Date
Material noncompliance issues or scope limitations require
report modifications
AU 508 Reports on Audited Financial Statements / AU-C 705,
Modifications to the Opinion in the Independent Auditor’s Report
Scope limitations require
Qualification or disclaimer of opinion
.
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.32 - .38 / AU-C 935.32 - .38
40. SAS 117
Reporting Requirements: Separate Report on Internal
Control Over Compliance
Requirements in addition to AU 801.31 / AU-C 935.31 for Separate
Report:
Significant or material weaknesses in internal controls over compliance
require written notification by auditor regardless of governmental
requirements
GAGAS requires response from responsible officials
AU 801.32 - .38 / AU-C 935.32 - .38
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A35 / AU-C 935.A35
41. SAS 117
Documentation Requirements
Internal Control Over Compliance documents include:
Risk assessment procedures
Response to assessed risks
Testing procedures
Results
Materiality levels
How the auditor complied with governmental
requirements supplemental to
GAAS
GAGAS
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.39 - .42 / AU-C 935.39 - .42
42. SAS 117
Reissuance of Compliance Reports
An explanatory paragraph should include:
Reasons for reissuance
Changes
Additional procedures, if any
Updated report date
Examples where report might be reissued
Quality review found applicable compliance
requirement not tested
Subsequent discovery that a another program was
required to be tested
AU 801.432 / AU-C 935.43
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A39 / AU-C 935.A39
43. SAS 117
Adapting and Applying the AU Sections to a Compliance
Audit
Auditors should use professional judgment in determining
necessary and relevant audit procedures:
Appendix A41 lists the AU sections and paragraphs that are
not applicable to compliance audits
A&A UPDATES H. Kyle Anderson, CMA, CPA
AU 801.A41 / AU-C 935.A41
44. SAS 117
2011 Government Auditing Standards Summary of
Major Changes
Conceptual framework for independence added for auditors to
assess independence
Specific references to personal, external, and organizational
impairments and overarching independence principles
removed and replaced with conceptual framework
New documentation requirements for auditor independence
added
Nonaudit services that always impair independence but may
be permitted under appropriate conditions revised
Auditors performing nonaudit services for entities they audit must
assess & document management’s possession of suitable skill,
knowledge, and experience to oversee services
2011 Government Auditing Standards
A&A UPDATES H. Kyle Anderson, CMA, CPA
Summary of Major Changes
45. SAS 117
2011 Government Auditing Standards Summary of
Major Changes
Examinations, reviews and agreed-upon procedure engagements
now separately discussed.
SAS and SSAE requirements repeated in GAGAS removed
Fraud reporting only required if significant within the context of
the audit objectives for performance audits.
2011 Government Auditing Standards
A&A UPDATES H. Kyle Anderson, CMA, CPA
Summary of Major Changes
46. Reference Materials for webinar
Today, we will cover material available on the AICPA website at:
http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx
AU Section 801 / AU-C 935
The material covered was referenced to the current AU section
and the new Clarity Project section AU-C.
Office of Management and Budget at:
http://www.whitehouse.gov/omb/circulars_default/
OMB Circular A-133, Compliance Supplement 2011 (see bottom of
page for complete download)
Government accountability Office at: http://www.gao.gov/yellowbook
Government Auditing Standards, December 2011 Revision (GAO-
12-331G)
Summary of Major changes
Listing of Technical Changes
A&A UPDATES H. Kyle Anderson, CMA, CPA