Chapter 26 - Internal Governmental and Operational Auditing

N auditor must obtain an understanding of ic over

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Unformatted text preview: n Auditor must obtain an understanding of IC over federal programs sufficient to support low assessed level of CR for major programs. n The auditor should determine whether the client has complied with laws, regulations, and contracts. + Single Audit Act - Compliance n Compliance Requirements in addition to audit procedures guidance: n Whether the amounts reported as expenditures were for allowable services n Whether the records show that those who received services or benefits were eligible n Whether matching requirements levels of effort, and earmarking limitations were met n Whether claims and reimbursements are supported by the financial information + Single Audit Act - Reporting n Reporting Requirements: n An opinion whether the financial statements are in accordance with GAAP. n An opinion on whether the schedule of federal awards is presented fairly in all material respects in relation to the F/S as a whole. n A report on IC related to the F/S and major programs. n A report on compliance with laws, regulations and provisions of contracts or grant agreements. n A schedule of findings and questioned costs. + Operational Governmental Audits n Operational governmental audits are also called performance audits: n Economy and Efficiency Audits . Purpose is to determine: n Whether resources are acquired, protected and used economically and efficiently. n Causes for inefficiencies. n Compliance with laws and regulations related to efficiency and economy. n Program Audits . The purpose is to determine: n The extent to which desired results or benefits established are being achieved. n Effectiveness of organizations, programs, activities. n Compliance with laws and regulations applicable to a program. + Auditor of Public Accounts – Commonwealth of Virginia n APA serves Virginia citizens and decision-makers by providing unbiased, accurate information and sound recommendations to improve accountability and financial management of public funds. n In fulfilling its mission, APA commits to: n Completing comprehensive financial and operational audits; n Conducting effective and efficient operations; n Being objective, independent and impartial; n Focusing on value-added improvements; n Using cutting-edge tools; and n Taking a proactive approach. n The Auditor of Public Accounts is part of the legislative...
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n Auditor must obtain an understanding of IC over federal...

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