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 rubbk@oig.treas.gov 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–ShouldbecoveredinAppendixB Staffing –Experiencedfinancialstatementauditors 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 inAppendix 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 . 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. 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. 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 rubbk@oig.treas.gov 202-927-5904 This