Performance
to include Prospective Analyses & Other Studies
Attestation
now a separate type of audit
Other
Changes:
Consistency
in FW & Reporting requirements between different type audits
Strengthened
and clarified some language
Incorporates
AICPA standards on FW & Reporting
Other
GAO Comments, Opinions:
Reporting
on IC critical in monitoring effectiveness of risk management &
accountability systems
Reporting
on IC required, but NOT required to issue opinion on IC
Audit Programs Driven by
Types of Audits & Goals & Objectives of Audit
Types of Audits:
Financial
Attestation
Financial
Nonfinancial
Performance
Expanded scope, includes
prospective analysis & other studies
Characteristics/Parameters of Financial Audits
Independent Report on
Entitys FS
Presented Fairly
Information Reliable
Report on IC - but not
required offer opinion IC
Compliance - laws,
regulations, provisions of contracts, grant agreements relative to financial
transactions, systems and processes
Characteristics/Parameters of Attestation
Engagements
Attestation Engagements:
Financial Objectives
Nonfinancial Objectives
Examination, Review, Agreed-Upon Procedures, based
on or in conformity with criteria on a:
Subject Matter
Assertion
Three levels of attestation
engagements:
Ψexamination express an
opinion if subject is based on or in conformity with criteria or the assertion
is presented based on the criteria
Ψreview express a
conclusion if any information came to auditors attention that indicates
subject matter or assertion is not based on or in conformity with criteria
Ψagreed-upon procedures
perform tests to issue report of findings based on specific procedures
performed on subject matter
Characteristics/Parameters
of Performance Audits (Assess)
Performance & Management of Program against
Criteria, Best Practices, etc.
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