UNIFORM AUDIT & ACCOUNTING GUIDE 2010 EDITION doc

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UNIFORM AUDIT & ACCOUNTING GUIDE 2010 EDITION doc

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[...]... http://www.fhwa.dot.gov/ AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law xvi | P a g e ACKNOWLEDGMENTS Discussions among AASHTO members at the regional level and at annual AASHTO meetings led to the creation of the first edition of the Uniform Audit & Accounting Guide, which... ACEC, public accounting firms, and AASHTO participated Their knowledge, time, travel funding, and supplies are greatly appreciated in the nationwide team effort that led to this 2010 edition of the Guide Scot P Gormley, External Auditor with the Ohio Department of Transportation, served as the primary designer and editor of this Guide AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the... Commission Audits P.O Box 30050 Lansing, MI 48909-7550 (517) 373-1500 FAX (517) 335-2277 MorwayF@michigan.gov AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law xii | P a g e AASHTO AUDIT GUIDE TASK FORCE MEMBERS (cont.) North Carolina Todd Jones Audit Manager... Contract Audit Manual” (CAM or DCAA Manual 7640.1) is an official publication of the Defense Contract Audit Agency (DCAA) The CAM prescribes auditing policies and AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law 1 | Page CHAPTER 1/ORGANIZATION OF THIS GUIDE. .. Requirements .44 6.4 – DCAA ACCOUNTING GUIDE 44 A Accounting System Internal Control .44 B Labor Charging System Internal Control 45 1 Generally 45 2 Timecard Preparation 45 3 Timekeeping Policy 46 6.5 – COMPLIANCE AND REVIEW 47 AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association... 334-8834 FAX (208) 3343858 carri.rosti@itd.idaho.gov AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law xi | P a g e AASHTO AUDIT GUIDE TASK FORCE MEMBERS (cont.) Iowa Thomas M Devine External Audits Iowa Department of Transportation 800 Lincoln Way Ames,... transportation agency 1 Government Auditing Standards, GAO-07-731G (Washington, D.C.: July 2007 Revision) AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law 2 | Page CHAPTER 1/ORGANIZATION OF THIS GUIDE AND DEFINED TERMS “Statements on Auditing Standards” or “SASs”... accordance with GAGAS, when documenting a finding, the auditor should include the condition, criteria, cause, effect, and a recommendation for AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway and Transportation Officials All rights reserved Duplication is a violation of applicable law 6 | Page CHAPTER 1/ORGANIZATION OF THIS GUIDE AND DEFINED TERMS... review audit programs and audit reports CPAs should document their qualifications to perform the audit, identify any specialists used in the engagement and must maintain adequate evidence of their professional registration status and results of peer reviews 2 See sample opinion letter in Section 11.2 3 See sample internal control report in Section 11.3 AASHTO Uniform Audit & Accounting Guide (2010 Edition) ... INDIRECT COST RATE ESTABLISHED? 115 12.5 – GUIDELINES FOR REVIEWING CPA INDIRECT COST AUDITS 115 12.6 – ATTESTATIONS ENGAGEMENTS 115 12.7 – RISK ANALYSIS: ACCEPTING OVERHEAD RATES WITHOUT A WORKPAPER REVIEW 115 12.8 – QUESTIONS AND ANSWERS REGARDING COGNIZANCE 117 AASHTO Uniform Audit & Accounting Guide (2010 Edition) © 2010 by the American Association of State Highway . law. AASHTO Uniform Audit & Accounting Guide (2010 Edition) xviii | Page Preface  ABOUT THIS GUIDE  his Uniform Audit and Accounting Guide was. a violation of applicable law. AASHTO Uniform Audit & Accounting Guide (2010 Edition) xii | Page AASHTO AUDIT GUIDE TASK FORCE MEMBERS (cont.) Iowa

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  • Uniform Audit & Accounting Guide for Audits of A&E Consulting Firms

    • AASHTO EXECUTIVE COMMITTEE 2009–2010

      • AASHTO ADMINISTRATIVE SUBCOMMITTEE ON INTERNAL/EXTERNAL AUDIT

        • AASHTO AUDIT GUIDE TASK FORCE MEMBERS

    • Transportation Internet Links

    • ACKNOWLEDGMENTS

    • PREFACE: ABOUT THIS GUIDE

    • CONTENTS

    • Chapter 1 – Organization of this Guide and Defined Terms

      • 1.1 – ORGANIZATION OF THIS GUIDE

      • 1.2 – GENERAL TERMS

      • 1.3 – OTHER DEFINED TERMS

    • Chapter 2 – Adequacy of Accounting Records

      • 2 .1 – OVERHEAD SCHEDULE

        • A. Generally

        • B. Facilities Capital Cost of Money and Other Items

        • C. Disclosure of Field Office Rates

      • 2.2 – UNALLOWABLE COSTS

        • A. Generally

        • B. Directly Associated Costs

      • 2.3 – FINANCIAL STATEMENTS

      • 2.4 –MANAGEMENT REPRESENTATIONS

      • 2.5 –MANAGEMENT AND CPA’S ROLES AND RESPONSIBILITIES

        • A. Management Responsibilities

        • B. The CPA Auditor’s Responsibilities

          • 1. Generally

          • 2. The CPA’s Responsibilities for Fraud Detection

        • C. Selection of CPA Firm as Overhead Auditor

    • Chapter 3 – Standards for Attestations and Audits

      • 3.1 – BACKGROUND

      • 3.2 – ENGAGEMENT TYPES

        • A. Review of Indirect Cost Rates for Costs Incurred

        • B. Indirect Cost Rate (Forward Pricing) Review

        • C. Contract Pre-Award Review

        • D. Contract Cost Review

      • 3.3 – AUDITING STANDARDS

        • A. Government Auditing Standards (“Yellow Book” or “GAGAS” Standards)

        • B. GAGAS Engagement Types

          • 1. Financial Audits

          • 2. Attestation Engagements

          • 3. Performance Audits

        • C. GAGAS Matrix

      • 3.4 – OPINION ON INTERNAL CONTROL

    • Chapter 4 – Cost Principles

      • 4.1 – OVERVIEW OF FEDERAL ACQUISITION REGULATION PART 31

      • 4.2 – REASONABLENESS AND ALLOWABILITY

        • A. Generally

        • B. Requirements of FAR 31.201-2 and FAR 31.201-3

        • C. Methodologies for Applying FAR 31.201-3

          • 1. Determining Ordinary Cost Through Quantitative Analysis

            • (a) Ratio Analysis

            • (b) Analysis of Trend /Historical Data

            • (c) Analysis of Variances

          • 2. Determining Reasonableness: Common Cost Categories

      • 4.3 – ALLOCABILITY

      • 4.4 – UNALLOWABLE COSTS

      • 4.5 – DIRECT AND INDIRECT COSTS

      • 4.6 – APPLICABILITY OF COST ACCOUNTING STANDARDS

      • 4.7 – ALLOCATION BASES FOR INDIRECT COSTS

    • Chapter 5 – Cost Accounting

      • 5.1 – ALLOCATION BASES, GENERALLY

        • A. Direct Labor Cost

        • B. Direct Labor Hours

        • C. Total Labor Hours (Total Hours Worked)

        • D. Total Cost Input

        • E. Total Cost Value Added

        • F. Consumption/Usage

      • 5.2 – ACCOUNTING FOR UNALLOWABLE COSTS IN ALLOCATION BASES

      • 5.3 – COST CENTERS

        • A. Functional Cost Centers

        • B. Subsidiaries, Affiliates, Divisions, and Geographic Locations

      • 5.4 – ALLOCATED COSTS

        • A. Generally

        • B. Fringe Benefits

        • C. Overhead

        • D. General and Administrative (G&A)

        • E. Internally-Allocated Costs (Company-Owned Assets)

          • 1. Computer/CADD Costs

          • 2. Fleet or Company Vehicles

          • 3. Equipment

          • 4. Printing/Copying/Plan Reproduction

        • F. Internal Labor Costs

          • 1. Direct Labor

          • 2. Uncompensated Overtime for Salaried Employees

          • 3. Overtime Premium

          • 4. Other Considerations

          • 5. Potential Areas of Risk Regarding Internal Labor

          • 6. Sole Proprietors’ and Partners’ Salaries

        • G. Contract Labor/ Purchased Labor

      • 5.5 – OTHER DIRECT COSTS-OUTSIDE VENDORS/EMPLOYEE EXPENSE REPORTS

      • 5.6 – FIELD OFFICE RATES

        • A. Generally

        • B. Types of Field Offices

        • C. Cost Accounting Considerations

          • 1. Field Office Direct Labor

          • 2. Field Office Indirect Costs

          • 3. Other Considerations Regarding Indirect Cost Allocations

    • Chapter 6 – Labor-Charging Systems and Other Considerations

      • 6.1 – BACKGROUND

      • 6.2 – LABOR COSTS, GENERALLY

      • 6.3 – ALLOWABILITY AND REASONABLENESS OF INDIRECT LABOR

        • A. Bid and Proposal Costs (B&P)

          • 1. Definition

          • 2. Identification and Accumulation of B&P

          • 3. Efforts Sponsored by Grant or Required by Contract

        • B. Selling Effort and Activities

          • 1. Direct Selling

          • 2. Brokerage Fees, Commissions, and Similar Costs

          • 3. Other Cost Principles Related to Selling Efforts

          • 4. Recordkeeping Requirements

      • 6.4 – DCAA ACCOUNTING GUIDE

        • A. Accounting System Internal Control

        • B. Labor Charging System Internal Control

          • 1. Generally

          • 2. Timecard Preparation

            • (a) Automated Timekeeping System

            • (b) Manual Timekeeping System

          • 3. Timekeeping Policy

      • 6.5 – COMPLIANCE AND REVIEW

    • Chapter 7 – Compensation

      • 7.1 – GENERAL PRINCIPLES

      • 7.2 – ALLOWABILITY OF COMPENSATION

      • 7.3 – REASONABLENESS OF COMPENSATION

      • 7.4 – STATUTORY COMPENSATION LIMIT: THE BENCHMARK COMPENSATION AMOUNT (BCA)

      • 7.5 – DETERMINING THE REASONABLENESS OF EXECUTIVE COMPENSATION

        • A. Generally

        • B. Procedures for Determining Reasonableness

        • C. Performing a Compensation Analysis in Compliance with FAR 31.205-6, Techplan, and Information Systems

      • 7.6 – CRITERIA FOR DEMONSTRATING SUPERIOR PERFORMANCE

        • A. Generally

        • B. Procedure for Establishing Compensation Amounts in Excess of Survey Medians

      • 7.7 – NATIONAL COMPENSATIONMATRIX (NCM)

        • A. Generally

        • B. Position Descriptions

      • 7.8 – APPLICATION OF THE NATIONAL COMPENSATIONMATRIX (NCM)

        • A. Generally

        • B. State DOT Contracting Terms

      • 7.9 – EXECUTIVE COMPENSATION—REQUIRED SUPPORTING DOCUMENTATION

      • 7.10 – ADDITIONAL PROCEDURES– RELATED PARTIES

      • 7.11 – SPECIAL CONSIDERATION FOR CLOSELY-HELD FIRMS

      • 7.12 – BONUS AND INCENTIVE PAY PLANS

        • A. Bonus Plans

        • B. Profit-Distribution Plans

        • C. Documentation of Bonus and Profit-Distribution Plans

      • 7.13 – FRINGE BENEFITS

        • A. Deferred Compensation, Generally

        • B. Pension Plans

        • C. Employee Stock Ownership Plans (ESOPs)

        • D. Severance Pay

      • 7.14 – SUPPLEMENTAL BENEFITS

        • A. Supplemental Executive Retirement Plans (SERPs)

        • B. Long-Term Incentive (LTI) Plans

        • C. Executive Severance

        • D. Golden Parachutes

        • E. Golden Handcuffs

    • Chapter 8 – Selected Areas of Cost

      • 8.1 – BACKGROUND

        • A. Directly-Associated Costs

        • B. Burden of Proof

        • C. Determining Reasonableness

        • D. Direct Costs

      • 8.2 – ADVERTISING AND PUBLIC RELATIONS

        • A. Advertising Costs

        • B. Trade Show Expenses and Labor

        • C. Public Relations Costs

        • D. Bad Debts and Collection Costs

      • 8.3 – COMPENSATION

      • 8.4 – PERSONAL USE OF COMPANY VEHICLES

      • 8.5 – CONTRIBUTIONS OR DONATIONS

      • 8.6 – FACILITIES CAPITAL COST OF MONEY (COST OF MONEY)

      • 8.7 – DEPRECIATION

        • A. Depreciation Expense Presented Is Same for Both Financial and Income Tax Purposes

        • B. Depreciation Expense Presented For Financial Purposes Differs From Income Tax Purposes

      • 8.8 – EMPLOYEEMORALE, HEALTH, AND WELFARE

      • 8.9 – ENTERTAINMENT

      • 8.10 – FINES AND PENALTIES

      • 8.11 – GAINS AND LOSSES ON DEPRECIABLE PROPERTY

      • 8.12 – IDLE FACILITIES AND IDLE CAPACITY COSTS

      • 8.13 – BID AND PROPOSAL COSTS

      • 8.14 – PRECONTRACT COSTS

      • 8.15 – INSURANCE

        • A. Insurance on Lives of Key Personnel

        • B. Professional Liability Insurance

        • C. Losses and Insurance Deductibles

        • D. Self Insurance

      • 8.16 – INTEREST COSTS

      • 8.17 – LOBBYING COSTS

      • 8.18 – LOSSES ON OTHER CONTRACTS

      • 8.19 – ORGANIZATION AND REORGANIZATION COSTS

      • 8.20 – PATENT COSTS

      • 8.21 – RETAINER AGREEMENTS

      • 8.22 – RELOCATION COSTS

      • 8.23 – RENT/LEASE

        • A. Capital Leases

        • B. Common Control

      • 8.24 – SELLING COSTS

      • 8.25 – TAXES

      • 8.26 – TRAVEL EXPENSES

        • A. Generally

        • B. Substantiation of Travel Costs

        • C. Aircraft Costs

        • D. Vehicle Costs

      • 8.27 – LEGAL COSTS

      • 8.28 – GOODWILL AND BUSINESS COMBINATION COSTS

      • 8.29 – ALCOHOLIC BEVERAGES

      • 8.30 – LISTING OF COMMON UNALLOWABLE COSTS

    • Chapter 9 – General Audit Considerations

      • 9.1 – BACKGROUND

      • 9.2 – COMPLIANCE REQUIREMENTS

      • 9.3 – INTERNAL CONTROL

        • A. Generally

        • B. COSO Internal Control Framework

          • 1. Control Environment

          • 2. Risk Assessment

          • 3. Control Activities

          • 4. Information and Communication

          • 5. Monitoring

      • 9.4 – ESTIMATING AND PROPOSAL SYSTEMS

      • 9.5 – COST ACCOUNTING SYSTEMS

        • A. Generally

        • B. Labor Tracking

        • C. Other Considerations

      • 9.6 – UNDERSTANDING THE ENGINEERING CONSULTANT’S BUSINESS

        • A. Risk Assessment

        • B. Types of Audit Risk

      • 9.7 –OTHER AUDITS AS A RESOURCE

      • 9.8 – COMPUTERIZED ACCOUNTING INFORMATION SYSTEMS

      • 9.9 – AUDIT RISK AND MATERIALITY

        • A. Audit Risk

        • B. Materiality

      • 9.10 – TYPE AND VOLUME OF CONTRACTS

    • Chapter 10 – Guidance for Developing Audit Procedures

      • 10.1 – PLANNING AND GENERAL PROCEDURES

      • 10.2 – AUDIT SAMPLING

        • A. Audit Objectives and Sampling Methods

        • B. Sampling for Attributes and Sampling for Variables

        • C. Determining Sample Size

      • 10.3 – TESTING LABOR COSTS

        • A. Generally

        • B. Recommended Testing Procedures

      • 10.4 – TESTING INDIRECT COSTS

        • A. Generally

        • B. Baseline for Determining Risk

      • 10.5 – ALLOCATED COSTS

      • 10.6 – OTHER DIRECT COSTS (ODCS)

      • 10.7 – FAILURE TO MEETMINIMUM AUDIT PROCEDURES

    • Chapter 11 – Audit Reports and Minimum Disclosures

      • 11.1 – GENERALLY

      • 11.2 – SAMPLE AUDIT REPORT ON OVERHEAD SCHEDULE

      • 11.3 – SAMPLE REPORT ON INTERNAL CONTROL AND COMPLIANCE

      • 11.4 –MINIMUM AUDIT REPORT DISCLOSURES

        • A. Description of the Company

        • B. Basis of Accounting

        • C. Description of Accounting Policies

        • D. Description of Overhead Rate Structure

        • E. Description of Labor-Related Costs

        • F. Description of Depreciation and Leasing Policies

        • G. Description of Related Party Transactions

        • H. Facilities Capital Cost of Money (FCCM)

        • I. List of Direct Cost Accounts

    • Chapter 12 – Cognizance and Oversight

      • 12.1 – NATIONAL HIGHWAY SYSTEM DESIGNATION ACT SECTION 307

      • 12.2 – SECTION 174 OF THE 2006 TRANSPORTATION APPROPRIATIONS ACT

      • 12.3 –WHAT IS A COGNIZANT AGENCY?

      • 12.4 – HOW IS A COGNIZANT APPROVED INDIRECT COST RATE ESTABLISHED?

      • 12.5 – GUIDELINES FOR REVIEWING CPA INDIRECT COST AUDITS

      • 12.6 – ATTESTATIONS ENGAGEMENTS

      • 12.7 – RISK ANALYSIS: ACCEPTING OVERHEAD RATESWITHOUT A WORKPAPER REVIEW

      • 12.8 – QUESTIONS AND ANSWERS REGARDING COGNIZANCE

    • Appendix A – Review Program for CPA Audits of Consulting Engineers’ Indirect Cost Rates

    • Appendix B – Internal Control Questionnaire

    • Appendix C – Keyword Index of 48 CFR Part 31

    • Appendix D – Listing of Resource Materials

    • Appendix E – Sample Management Representation Letters

    • INDEX

      • A

      • B

      • C

      • D

      • E

      • F

      • G

      • H

      • I

      • L

      • M

      • N

      • O

      • P

      • Q

      • R

      • S

      • T

      • U

      • V

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