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PREPARING FOR AN AUDIT Presented by Chris Ray Partner - KPMG LLP Presented by Chris Ray Partner - KPMG LLP
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2 The Role of the Independent Auditor Provide PBC List (see Chapter 9 for examples) Financial statement audit A-133 audit (higher and limited scope) Communicate progress and any difficulties or issues encountered during the audit, including proposed management letter comments and single audit findings, to the KPMG Systemwide team (bi-weekly progress reports) Meet deadlines set by campus and audit team
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3 Understanding the Role of the Campus To have all requested schedules, including reporting package, PRIOR to beginning of fieldwork Provide suitable workspace, including phone and internet connections Designate campus contacts for F/S and A-133 audits Meet deadlines set by campus and audit team
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4 Key Deadlines Auxiliary organizations’ audited financial statements due to Chancellor’s Office (CO) – September 30, 2004 Campus reporting package (financial statement and A-133 audits, including FISAP) due to CO – October 25, 2004
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5 Planning Meeting Team introductions Current year activity and issues Scope of audit PBC list clarification Confirmations Key deadlines Auxiliary organizations Reporting package Management’s discussion and analysis Stand-alone financial statements Confirm fieldwork timing
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6 Sample Schedules
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7 2004 A-133 Higher Scope Campuses Long Beach Northridge Pomona Sacramento San Diego San Francisco Stanislaus
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8 KPMG Information Risk Management (IRM) Audit Team Initial campus information technology (IT) questionnaire – drives planning and scoping efforts Scope of work includes: Updating our understanding of the IT environment Financial aid system controls (at selected campuses) Peoplesoft IT application controls for the Human Resources, Finance, and Student Administration modules Key IT controls (i.e. 3-way match, chart of accounts, etc.) Key user access and segregation of duties controls Data conversion from legacy to Peoplesoft, if applicable
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9 IRM Testwork– Key Dates June 11, 2004 – Campus to submit initial PBC requests to CO July 2, 2004 – Campus to submit additional PBC requests, as applicable, to CO Week of July 25, 2004 – Conference calls with campuses August 2004 – On-site testwork at the following campuses: Long Beach Northridge Pomona San Diego
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