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 – 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 . 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. 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. 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