Systemwide Audit Scope Liezl Sangalang, Senior Manager KPMG LLP April 24, 2015.

Slides:

Advertisements

Similar presentations

G L O B A L S E R V I C E / I N D U S T R Y A U D I T / T A X / A D V I S O R Y / L I N E O F B U S I N E S S SAS 112 Presentation California State University.

Advertisements

Systemwide Audit Scope and PBCs Liezl Sangalang KPMG LLP Year-End GAAP Training April 18, 2014.

AUDITING CHAPTER 7 Audit Process & Detecting Fraud By David N. Ricchiute.

Learning Objectives LO1 Describe the current audit environment, including developments in regulatory oversight and provincial regulation of public accountants.

SAS 112 – The Year After Presented by Chris Ray Partner - KPMG LLP KPMG LLP.

Information Risk Management in the Audit Chapter 9 Presented by Dee Dee Owens, Senior Manager KPMG LLP KPMG LLP.

The California State University (CSU) GAAP Reporting Manual ORA 1 © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative.

The California State University (CSU) GAAP Reporting Manual © 2009 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All.

MODERN AUDITING 7th Edition

© 2010 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG.

Intro & Chapter 2-1 Bob Anderson, UCSB CHAPTER 2-1 PROFESSIONAL STANDARDS: CHAPTER 2 WELCOME TO ECON 132- AUDIT.

The California State University (CSU) GAAP Reporting Manual © 2009 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All.

9.401 Auditing Chapter 1 Introduction. Definition of Auditing The accumulation and evaluation The accumulation and evaluation Of evidence about information.

PREPARING FOR AN AUDIT Presented by Chris Ray Partner - KPMG LLP Presented by Chris Ray Partner - KPMG LLP.

11920 ORA The California State University (CSU) GAAP Reporting Manual 2007 Engagement Team Phone List 3.

A/B/C Campus Scope Presented by: Kathy Lai, KPMG LLP AUDIT.

Preparing for the Audit – A-133 (Single Audit) Presented by Elisa Stilwell Senior Manager – KPMG LLP KPMG LLP.

Preparing for the Audit Presented by Elisa Stilwell Senior Manager - KPMG LLP KPMG LLP.

Auditing April 1, Chapter Two The CPA Profession just skim the section on Generally Accepted Auditing Standards Page

18- 1 © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 18 Integrated Audits of Internal Control (For Public Companies Under Sarbanes-Oxley.

Professional Standards. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 2-2 Generally Accepted Auditing Standards-- General.

SUNY Board of Trustees Audit Committee Presentation October 28, 2011 Stony Brook University Hospital, Stony Brook University REPORT ON RESULTS OF 2010.

Reports By David N. Ricchiute

Statement on Auditing Standards (SAS) 112 Communicating Internal Control Related Matters Identified in an Audit.

Learning Objectives LO1 Describe the association framework. LO2 Determine whether a PA is associated with financial statements. LO3 Describe the three.

Auditing & Assurance Services, 6e

Learning Objectives LO1 Describe the role of professional judgment in achieving the overall objectives of the independent auditor in conducting an audit.

Reports on Audited Financial Statements

Auditing Internal Control over Financial Reporting

AUDIT RESPONSIBILITIES AND OBJECTIVES

Audit objectives, Planning The Audit

Internal Control in a Financial Statement Audit

AUDITS What you should know - a campus perspective. Franz Lozano Director/Budget Officer (former Internal Auditor) San Francisco State University Academic.

Chapter 7 Auditing Internal Control over Financial Reporting McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved.

Auditing Sept. 24, Audit Standards Page 38.

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8 th Edition Modern Auditing: Assurance Services and the Integrity of Financial.

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

Chapter 3 Audit Planning, Types of Audit Tests, and Materiality McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

The Audit as a Management Tool Vermont State Auditor’s Office – April 2009.

M ODULE 7 T RUE AND F AIR Practical/ Article Training.

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

© 2011 Grant Thornton International Ltd. All rights reserved Presented by Mr. Yuvraj THACOOR, FCA Chairman of the Financial Reporting Monitoring Panel.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 7-1 Chapter Seven Auditing Internal Control over Financial Reporting.

Learning Objectives LO5 Document an accounting system to identify key controls and weaknesses in order to assess control risk. LO6 Write key control tests.

RTI, Nagpur 1 Day 3- Session I  Role of audit in consideration of fraud.

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

OVERVIEW THE AUDIT PROCESS Overview of the Audit Process.

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8 th Edition Modern Auditing: Assurance Services and the Integrity of Financial.

Chapter 02 Professional Standards McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

CHAPTER 8 MATERIALITY AND RISK. MATERIALITY THE MAGNITUDE OF AN OMISSION OR MISSTATEMENT…THAT MAKES IT PROBABLE THAT THE JUDGMENT OF A REASONABLE PERSON.

Copyright © 2007 Pearson Education Canada 9-1 Chapter 9: Internal Controls and Control Risk.

Prepared for Auditor’s Report to the Board of Education June 30, 2015.

© Grant Thornton LLP. All rights reserved Meeting with Management and Those Charged with Governance Communications Related to the Audit of Delphi.

City of Lemon Grove Presentation to The City Council March 1 st, 2016 Presented by: Ahmed Badawi, CPA Partner.

F8: Audit and Assurance. 2 Designed to give you knowledge and application of: Section A: Audit Framework and Regulation Section B: Internal audit Section.

May 19 th, 2016 OTHER REMINDERS Su Chen, Financial Reporting Analyst, SFSR Chancellor’s Office.

Review of Compliance with the NCAA Financial Data Reporting Requirements Sedong John, SFSR Chancellor’s Office Year-End GAAP Training April 18, 2014.

Illinois Office of the Comptroller Financial Training Workshop 2016.

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at.

Leadership Summit September 9, 2017 Year Ended June 30, 2017.

Audit Planning, Types of Audit Tests and Materiality

Chapter Two The CPA Profession

Reports on Audited Financial Statements

Course Title: ACCT 4311: Auditing and Assurance Services Instructor: Dr Barbara L’Huillier Name: Yasmeen Al Jishi ID#: Chapter 2.

Professional Standards

Auditor’s Report to the Board of Education

Internal control objectives

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at.

What information is in the auditor and management letters in The J. M

Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8th Edition William C. Boynton California Polytechnic State University at.

Presentation transcript:

Systemwide Audit Scope Liezl Sangalang, Senior Manager KPMG LLP April 24, 2015

Learning Objectives: Differentiate between the role of the auditor and the responsibilities of management. Understand the scope of the audit of California State University System. April 2015Year-End GAAP Training2

Systemwide Audit Scope Objectives of an audit To express an opinion whether the University’s financial statements are presented fairly, in conformity with generally accepted accounting principles To provide reasonable, not absolute assurance April 2015Year-End GAAP Training3

Systemwide Audit Scope (cont.) Management’s responsibilities Adopting sound accounting policies Fairly presenting the financial statements in conformity with GAAP Establishing and maintaining effective internal control over financial reporting Establishing and maintaining internal controls to prevent, deter and detect fraud April 2015Year-End GAAP Training4

Systemwide Audit Scope (cont.) Identifying and conforming with laws and regulations Setting the proper tone and creating and maintaining a culture of honesty and high ethical standards Making all financial records and related information available to the auditor Providing the auditor with management representation letter April 2015Year-End GAAP Training5 Chapter 9

Systemwide Audit Scope (cont.) April 2015Year-End GAAP Training6 23 Campuses + Chancellor’s Office 90+ Auxiliary Organizations CSU System Financial Statements

Systemwide Audit Scope (cont.) Risk Assessment identify and assess risks of material misstatement Materiality “determination based on professional judgment” “consideration of both quantitative and qualitative factors” April 2015Year-End GAAP Training7

Systemwide Audit Scope (cont.) Scoping Group Materiality (Systemwide Procedures, i.e. Investments) Component Materiality (Campus Procedures) Other Considerations Aggregation Risk – “is the probability that the aggregate uncorrected and undetected misstatements in the financial statements exceeds materiality for the financial statements as a whole.” April 2015Year-End GAAP Training8

Systemwide Audit Scope (cont.) April 2015Year-End GAAP Training9 KPMG Systemwide Team KPMG Campus Team - Fullerton - Long Beach - Northridge - Sacramento - San Diego - San Francisco - San Jose - San Luis Obispo - Systemwide procedures - Campus specific procedures - Chancellor’s Office

April 2015Year-End GAAP Training10