Peer Review Training – National Science Foundation August 1, 2011Appendix C - Checklist for 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
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What I’ll Talk About Today
Update Process
Significant Changes
Appendix C Details
Questions
2
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Update Process
In brief—
FSAN working group
 Guidance – AICPA Peer Review
Standards, FAM, SAS, AU
 Teams – General, Fieldwork, Reporting
ED – Drafts, discussions, agreement
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General
General Standards – Should be

covered in Appendix B
Staffing – Experienced financial
statement auditors
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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
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Reporting Standards
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AICPA

GAAP
Disclosure
s
Opinion on
FS
GAGAS
GAGAS Compliance
Internal Controls &
Compliance
Significant Matters
Restatement
Subsequent Events
Views Responsible
Officials
Report Distribution
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Policies and
Procedures
Did OIG follow:
checklists
independent referencer

other quality controls procedures
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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????
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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
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Questions
10
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