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ASMC

ASMC. Preparing for Financial Audits 15 February 2011. WHAT AN AUDIT LOOKS LIKE TO THE AVERAGE CLIENT. Audit Organizations. Air Force Audit Agency Army Audit Agency Naval Audit Service Department of Defense Inspector General Government Accounting Office. Air Force Audit Agency.

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ASMC

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  1. ASMC • Preparing for Financial Audits • 15 February 2011

  2. WHAT AN AUDIT LOOKS LIKE TO THE AVERAGE CLIENT

  3. Audit Organizations • Air Force Audit Agency • Army Audit Agency • Naval Audit Service • Department of Defense Inspector General • Government Accounting Office

  4. Air Force Audit Agency • Services all Air Force organizations world-wide • Three Main Directorates • QL Acquisition and Logistics, Dayton, OH • FS Financial And Systems, Riverside, CA • SP Support and Personnel, San Antonio, TX

  5. Audit Services • Centrally Directed Audits • Installation-Level Audits • Internal Control Training • Cross Feed of Audit Results

  6. Types Of Audits • Financial • Performance

  7. The Audit Process • Audit Planning • Independent Research • Audit Suggestions • 18 month plan updated every 6 months • Begins with Announcement Letter

  8. Are you ready?

  9. The Audit Process • Audit Application • Apply the Audit Program • Evidence to address audit objectives • Confirm results with management personnel • Seek continuous improvement through problem identification and resolution

  10. What is going on here? • What’s with the metrics and reviews I’m being asked for? • Why does the auditor need to see that? Doesn’t he/she trust me? • Why does the auditor want to see an original document? Why can’t I just give the auditor a copy? • Why does the auditor want to speak to my employee alone? Am I under investigation? • Why did the auditor meet with John Doe? I work more closely with that !! • Why is the auditor meeting with them? They’re not even part of my organization !!

  11. The Yellow Book

  12. Basis For Audit Work • Government Auditing Standards (The Yellow Book) • Updated 1 February 2007 • 2010 Draft in Review • Includes Field Work Standards • Current edition at http://www.gao.gov/htext/d07731g.html

  13. Adequacy of Evidence • When internal controls are effective, evidence is more reliable • Evidence obtained through auditors’ direct physical examination is more reliable • Original documents are more reliable than copies • Testimonial evidence where subjects may speak freely is more reliable than when intimidated • Testimonial evidence from an unbiased subject and has direct knowledge is more reliable • Evidence from an unbiased third party is more reliable than from the management of the audited entity

  14. The Audit Process • Audit Reporting • Draft Report for comments • 30 days to respond

  15. Financial Manager Participation • Providing data • Confirming perceptions • Reaping rewards

  16. Rewards • Maximum use of scarce funds • Independent source of new suggestions

  17. Conclusion • The financial audit provides an independent method for Congress, the President, MAJCOMs, and local financial managers to identify systemic weaknesses and ensure the Air Force receives the best possible support for the dollars it receives

  18. Meet The Challenge

  19. US Air Force Audit Agency • Air Force Audit Agency • Tinker Area Audit Office • DSN 339-7164 • Commercial (405)-739-7164 • Jeff.Leid@tinker.af.mil

  20. Questions ?

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