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

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Presentation on theme: "Peer Review Training – National Science Foundation February 7, 2012 Appendix F – Checklist for Review of Monitoring Performed over Contracted Audits and."— Presentation transcript:

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2 Peer Review Training – National Science Foundation February 7, 2012 Appendix F – Checklist for Review of Monitoring Performed over Contracted Audits and Attestation Engagements by Non- Federal Auditors 1 Kieu Rubb, Treasury OIG rubbk@oig.treas.gov 202-927-5904

3  Things to Remember  Contracting Process  Audit Report and Transmittal  Conclusions  Questions Slide 2 What I’ll Talk About Today

4  OIG is not the principal auditor  OIG transmits IPA’s report  IPA monitoring is not an Audit  TeamMate for documentation  May also use IPAs for attest or performance audits  Staffing – experienced auditors/COTR Slide 3 Things to Remember

5 Contracting Process  IPAs - licensed CPAs or working for licensed CPAs  Process differs new contract/task order existing contract Slide 4

6 New Contract/Task Order  Did the OIG review the IPA’s Qualifications and experience Technical approach, GAGAS, regulatory/statutory Independence Internal QA system Last peer review and related separate communication of matters/findings/deficiency PCAOB monitoring/inspection reports Proposed milestones and deliverables Slide 5

7 Existing Contract Did the OIG update assessment of IPA’s: Qualifications/experience (and key personnel in contract) Independence Internal QA system Last peer review and related separate communication of matters/findings/deficiency PCAOB monitoring and/or inspection reports Slide 6

8 Audit Report  OIG association to and responsibility for the audit report  Source – SOW and OIG report transmittal Auditor documented planned level of review for level of reliance on IPA’s work Level of review appropriate Slide 7

9 Monitoring IPA Work Quality  Did the OIG  Hold/attend periodic meetings  Review and comment on deliverables/reports  Review whether audit objectives consistent with contract and proposal  Monitor and revise milestones as needed  Conduct site visits as needed  Monitor other significant issues/results  Review adequacy of IPA audit documentation Slide 8

10 Monitoring IPA Work Quality Was level of assurance adequate and/or reasonable with recommended guidance from FAM 650 for financial statement audits? Slide 9

11 Monitoring Complete Did the OIG:  Review IPA report for GAGAS compliance?  Ensure the OIG report transmittal memo consistent the level of OIG assumed assurance/responsibility?  Review IPA audit documentation for GAGAS compliance? Slide 10

12 Question Slide 11 For questions or comments on the guide or peer reviews, contact APRG@oig.treas.gov APRG@oig.treas.gov Kieu Rubb, Treasury OIG, rubbk@oig.treas.gov, 202-927-5904rubbk@oig.treas.gov

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