Peer Review Training – National Science Foundation August 1, 2011 Appendix C - Checklist for Review of Financial Audits Performed by the OIG potx

Peer Review Training – National Science Foundation
August 1, 2011
Appendix C - Checklist for
Review of Financial Audits
Performed by the OIG
1
Kieu Rubb, Treasury OIG

202-927-5904
This is trial version
www.adultpdf.com
What I’ll Talk About Today
Update Process
Significant Changes
Appendix C Details
Questions
2
This is trial version
www.adultpdf.com
Update Process
In brief—
FSAN working group
 Guidance – AICPA Peer Review
Standards, FAM, SAS, AU
 Teams – General, Fieldwork, Reporting
ED – Drafts, discussions, agreement
3
This is trial version
www.adultpdf.com
General
General Standards – Should be

covered in Appendix B
Staffing – Experienced financial
statement auditors
4
This is trial version
www.adultpdf.com
Fieldwork Standards
5
AICPA
Planning &
Supervision
Internal Controls
Sufficient
Appropriate
Audit Evidence
GAGAS
Communication
Prior Reports
Material
Misstatements
Findings Elements
(C
3
E)
Audit Documentation
This is trial version
www.adultpdf.com
Reporting Standards
6
AICPA

GAAP
Disclosure
s
Opinion on
FS
GAGAS
GAGAS Compliance
Internal Controls &
Compliance
Significant Matters
Restatement
Subsequent Events
Views Responsible
Officials
Report Distribution
This is trial version
www.adultpdf.com
Policies and
Procedures
Did OIG follow:
checklists
independent referencer

other quality controls procedures
7
This is trial version
www.adultpdf.com
Conclusion
 The adequacy of the OIG’s policies and
procedures are evaluated in Appendix

A.
 If reviewer concludes that the financial
audit met professional standards, but…
inadequate policies and procedures

noncompliance with policies and
procedures…
what to do????
8
This is trial version
www.adultpdf.com
Policies and Procedures
Noncompliance with or
inadequacies would ordinarily
be reported as findings in the
Letter of Comment and not
impact the peer review rating
9
This is trial version
www.adultpdf.com
Questions
10
This is trial version
www.adultpdf.com