![]() ![]() There are two types of internal control findings which may be identified by the auditor. In that process of reviewing internal controls and compliance, if an auditor identifies internal control issues or instances of noncompliance, authoritative standards require that they report such matters in writing. Nonetheless, an auditor reviews the internal controls to determine the audit strategy and compliance with certain laws, regulations, contracts, and/or grants in order to determine whether the financial statements might be misstated as a result of that noncompliance. An audit is not designed to identify deficiencies in internal control or areas of noncompliance. A schedule of findings and questioned costs.Īn audit is designed to provide assurance on the financial statements.A report on compliance for each major program and on internal control over compliance and.A report on internal control over financial reporting and compliance and other matters.The auditor’s report on the financial statements.Your year-end reporting package as required by Government Auditing Standards, Uniform Guidance, and the Louisiana Audit Guide includes several auditor-prepared reports, including: ![]() If your organization receives state or federal funds, you are probably aware that there are specific reporting requirements as a recipient of these funds. So, what is an audit finding? Why is it important? What does it tell us? To answer these questions, one must first understand why the auditor has to report findings to you. Some individuals believe that a finding means they could lose their job, while others may ignore the information altogether. There are many misconceptions about what it means to have a finding reported in the schedule of findings and questioned costs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |