1 Financial Audit Manual Update AGA, DC Chapter Conference May 7, 2008 Roger Stoltz, GAO & Alex Biggs, DOL, OIG.

Slides:

Advertisements

Similar presentations

Obtaining Clients Submit a proposal

Advertisements

Auditing Standards Update Ensuring Integrity: Third Annual Auditing Conference Harold L. Monk, Jr. CPA, CFE.

Peer Review Training – National Science Foundation February 7, 2012 Appendix F – Checklist for Review of Monitoring Performed over Contracted Audits and.

Audit Guidance Using the Federal Information System Controls Audit Manual (FISCAM) to Achieve Audit Objectives in Financial and Performance Audits Mickie.

OMB Circular A-123 – Management’s Responsibility for Internal Control Policy Applicability Sources of Information Assessment, Documentation and Reporting.

GAO FAM 2010/2020 Checklists Overview

Standards for Internal Control in the Government Going Green Standards for Internal Control in the Federal Government 1.

©2003 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley Completing the Audit Chapter 23.

Planning the Audit; Linking Audit Procedures to Risk

The Elements of Auditing. Types of Audit Evidence Real Evidence – Physical (eg. building, inventory) – Nonphysical (eg. goodwill, rights) Documentary.

Auditing A Risk-Based Approach To Conducting A Quality Audit

NATIONAL BOARD OF ACCOUNTANTS AND AUDITORS

What’s New - QAM Update #6 Author Stuart Hartley, FCPA, FCA, CAIT EFFECTIVE IMPLEMENTATION OF YOUR FIRM’S QUALITY CONTROL SYSTEM.

Lecture 8 Understanding entity and its environment

Reports By David N. Ricchiute

Section 1 Guidelines for Office of Inspector General Quality Control and Assurance Programs Peer Review Training – National Science Foundation August 16,

Chapter 16 Prepared by Richard J. Campbell Copyright 2011, Wiley and Sons Topics Beyond the Integrated Audit.

Compliance & Internal Auditing By David N. Ricchiute

Chapter 21 Professional Standards ACCT Chapter Basis of Auditing Objectives of auditing Responsible parties involved in auditing Similarities.

Impact of the New Clarity Standards on Governmental Audits Presented by Beila Sherman, CPA and Enrique Llerena, CPA.

Peer Review Readiness What State’s Can do to Prepare.

Fraud & Internal Control Frank M. Klaus, CPA. Fraud Definition  Fraud is the misappropriation of assets for the benefit of an individual.  “Willful.

Wetlands Reserve Program Case Study An Overview of the External Audit Process Helping People Help The Land.

Getting Ready, Section 2, Memorandum of Understanding, and Appendix A August 16, 2012.

Audit objectives, Planning The Audit

Planning an Audit The Audit Process consists of the following phases:

1 Improving Single Audits to Protect Taxpayers 2008 Federal Financial Management Conference Mary M. Foelster, CPA American Institute of CPAs March 11,

New Auditing Standards Laurie Ball, CPA Swenson Advisors, LLP (Murrieta) Audit Director Accounting Day May 12, 2008.

VGFOA, June 2006 Single Audit and Yellow Book Update VGFOA, June 2006 With Greg L. Akers Senior Manager, Richmond Office.

Considering Internal Control

Standards for Internal Control in the Government Going Green Standards for Internal Control in the Federal Government 1.

Understanding Audit Risk Assessment

©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley Internal and Governmental Financial Auditing and Operational Auditing.

1 Application of SAS 112 in a Single Audit GAQC Member Conference Call January 15, 2008 Presented by Mandy Nelson, CPA George Rippey, CPA.

NO FRAUD LEFT BEHIND The Effect of New Risk Assessment Auditing Standards on Schools Runyon Kersteen Ouellette.

International Auditing and Assurance Standards Board (IAASB) Issues:

1 The Impact of SAS 112 on Governmental Financial Statement Audits GAQC Member Conference Call January 4, 2007 Presented by Chuck Landes, CPA.

Appendix E – Checklist for Review of Performance Audits Presented by: Ashton Coleman Department of Defense Office of the Inspector General August 16, 2012.

Peer Review Training – National Science Foundation August 16, 2012 Appendix C – Checklist for Review of Financial Audits Performed by the OIG 1 Mary Harmison,

Chapter 8: Client Risk Profile and Documentation

NSAA Information Technology Conference Hartford, Connecticut September 24, 2015 Presented by: Mike Billo and Anne Skorija PA Department of the Auditor.

Chapter 21 Internal, Operational, and Compliance Auditing McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

Auditing Standards Update 2006 VAGFOA Conference Rob Churchman, CPA June 5, 2006.

McGraw-Hill/Irwin © The McGraw-Hill Companies 2010 Auditing Internal Control over Financial Reporting Chapter Seven.

Chapter 06 Audit Planning, Understanding the Client, Assessing Risks, and Responding McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc.

OVERVIEW THE AUDIT PROCESS Overview of the Audit Process.

Copyright © 2007 Pearson Education Canada 1 Chapter 11: Overall Audit Plan and Audit Program.

Statement of Auditing Standard No. 94 The Effect of Information Technology on the Auditor’s Consideration of Internal Control in a Financial Statement.

Nexia International Audit Conference Paris 2011 The IFAC Guide and the Auditor of the Future George S Dakis Nexia ASR Melbourne, Australia.

BY: CMA SUKRUT MEHTA KIRIT MEHTA & COMPANY COST ACCOUNTANTS Pre-Audit Preparation and Documentation 1.

Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall. Chapter

1 “Good Practices in Managing for Results” Workshop Santiago, Chile October 27 th and 28 th, 2010 Benjamin Nelson Managing Director for Quality Office.

©2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley Overall Audit Plan and Audit Program Chapter 13.

What’s New in Government Auditing and Internal Control Standards? AGA/ASMC Professional Development Training March 24, 2015 Page 1.

ACCA/PAB/ICAJ/ICAC Practice Monitoring Reviews OVERVIEW OF FINDINGS 19 July 2014.

May 18, 2016 WASHINGTON SUBURBAN SANITARY COMMISSION INITIAL AUDIT COMMUNICATION WITH THE COMMISSIONERS FOR FISCAL YEAR 2016 FINANCIAL STATEMENTS, A-133,

©2005 Prentice Hall Business Publishing, Auditing and Assurance Services 10/e, Arens/Elder/Beasley Internal Control and Control Risk Chapter 10.

Audit Planning, Understanding the Client, Assessing Risks and Responding Chapter 6.

Update on the Latest Developments in Government Auditing Standards

Professional Standards

Compliance with Framework of Quality Control - General & Specific Controls CA Vimal Chopra, Ex Chairman of CIRC of ICAI.

Audit Planning, Types of Audit Tests and Materiality

BASIC AUDITING CONCEPTS: MATERIALITY, RISK ASSESSMENT, AND EVIDENCE

Internal and Governmental Financial Auditing and Operational Auditing

Understanding an External Federal Financial Statement Audit

Update on the Developments in Government Auditing Standards

Update on the Developments in Government Auditing Standards

Update on the Developments in Government Auditing Standards

Presentation transcript:

1 Financial Audit Manual Update AGA, DC Chapter Conference May 7, 2008 Roger Stoltz, GAO & Alex Biggs, DOL, OIG

2 Sources of FAM Changes Auditing & attestation standards (GAAS) Yellow Book (GAGAS) OMB audit and reporting guidance FASAB accounting standards Laws and regulations Peer reviews and inspections Issues from auditors doing work

3 Activities Affecting the FAM SAS # (December 2006) Yellow Book (January & July 2007) OMB Circulars A-123 & A-136 & Bulletin (2007) FASAB Standards through May 2007 (SFFAS #32) Laws and Regulations (Antideficiency reporting) Peer Reviews & Inspections (IS & audit work) Various Issues from Audit Work

4 SAS # Audit Risk Standards Effective for FY 2008 audits Risk of material misstatement Design and performance of audit procedures Planning and supervision Audit evidence Terminology Affects FAM Methodology (Volume 1)

5 FAM 100 Overview Must Should Generally should May

6 FAM 215 Client Understanding New FAM 215, 215 A, 215 B Who is the client? Those charged with governance Communication Engagement letters

7 Other FAM Planning Changes FAM 235 Identify Audit Assertions FAM 260 Identifying Risk Factors FAM 285 Plan Locations to Visit FAM 290 Documentation FAM 295 B Material Misstatements

8 FAM Internal Control Changes FAM 310 Overview FAM 320 Information Systems FAM 350 Control Tests & FFMIA FAM 380 Other Considerations FAM 390 Documentation

9 FAM Testing Changes FAM 410 Overview FAM 420 Design Audit Procedures FAM 450 Sampling Control Tests FAM 470 Substantive Procedures FAM 475 Analytical Procedures FAM 490 Documentation

10 FAM Reporting Changes FAM 540 Evaluating Misstatements FAM 550 Other Audit Procedures FAM 580 Draft Reports FAM 590 Documentation FAM 595A Example Unqualified Report FAN 595B Example Modifications FAM 595C Uncorrected Misstatements

11 FAM Volume 2 Changes Effects of Professional Standards FAM 650 Using the Work of Others FAM 701 Compliance with FFMIA FAM 802 General Compliance FAM 803 Antideficiency Act

12 More FAM Volume 2 Changes FAM 902 Auditing Intragovernmental FAM 903 Auditing Cost Information FAM 921 Auditing FBWT FAM 931 Auditing Heritage Assets FAM 941 Auditing Social Insurance

13 FAM Volume 2 Reporting Changes FAM 1001 Management Representations FAM 1001A Example Mgt Rep Letter FAM 1002 Inquiries of Legal Counsel FAM 1003 Audit Completion Checklist

14 Issue Revised FAM FAM volumes are issued electronically IG NET messages to Inspector Generals and others Posted on GAO and PCIE web sites Joint transmittal letter with attachment highlighting key changes by FAM section WORD/ACROBAT files by FAM section Printed copies can be made FAM Volume 3 was issued August 28, 2007 FAM Volumes 1 & 2 to be issued in May 2008

15 Contacts & Comments Contacts: GAO -- Call Roger Stoltz at (202) or at GAO -- Call Janet Krell at (202) or at PCIE – Call Alex Biggs at (202) or at PCIE – Call Joel Grover at (202) or at Any comments or questions?