1 / 25

OSA Update

OSA Update . Katie Thigpen, Financial Audit Supervisor Michael Spivey, IS Auditor NC Office of the State Auditor. Session Etiquette. Please turn off all cell phones. Please keep side conversations to a minimum. If you must leave during the presentation, please do so as quietly as possible.

xylia
Télécharger la présentation

OSA Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. OSA Update Katie Thigpen, Financial Audit Supervisor Michael Spivey, IS Auditor NC Office of the State Auditor

  2. Session Etiquette • Please turn off all cell phones. • Please keep side conversations to a minimum. • If you must leave during the presentation, please do so as quietly as possible. • Thank you for your cooperation!

  3. Session Topics Financial Audit Update Information Systems Audit Update

  4. Financial Audit Update Financial Audit Update - Topics • Summary of Financial Reporting for 2013 • Preview of Financial Reporting for 2014 • Audit Standards Update • Audit Plan for 2014 • Internal Controls in a Financial Statement Audit • Preparing for a Financial Statement Audit

  5. Summary of Financial Reporting - 2013 • Findings/Issues Noted • Statement on Auditing Standard 115 Communicating Internal Control Related Matters Identified in an Audit

  6. Summary of Financial Reporting - 2013 • Findings/Issues Noted No pervasive reportable findings.. No Wipe Out!

  7. Summary of Financial Reporting - 2013 Items of note from FY 2013 • Blending Disclosure (GASB 62) • Disaggregation (GASB 68) • MD&A (GASB 34)

  8. Preview of Financial Reporting - 2014 • Financial Reporting Standards Update (GASB) • GASB 65 - Items Previously Reported as Assets and Liabilities • GASB 66 - Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62 • GASB 67 - Financial Reporting for Pension Plans—an amendment of GASB Statement No. 25 • GASB 70 - Accounting and Financial Reporting for Nonexchange Financial Guarantees

  9. GASBS 65 Items Previously Reported as Assets and Liabilities • Current or Advance Refundings of Debt • Government-Mandated Nonexchange Transactions and Voluntary Nonexchange Transactions • Debt Issuance Costs • Use of the term “Deferred”

  10. GASBS 66 Technical Corrections – 2012 • Amendment of GASB 10 and 62 No impact on University financial reporting

  11. GASBS 67 Financial Reporting for Pension Plans • Focuses on PLAN reporting • Replaces GASB 25 and GASB 50 • 25 - Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans • 50 - Pension Disclosures

  12. GASBS 70 Accounting and Financial Reporting for Nonexchange Financial Guarantees • Objective • Example • Anticipated impact

  13. Highlights for Financial Reporting - 2014 • Pro Forma Update • Changes to the FY14 Pro Forma • GASB 68

  14. Auditing Standards Update - 2014 No impact on fiscal year 2014 audits

  15. Federal Compliance Audits - 2014 Federal Programs Selected For Audit • Research and Development Cluster • Student Financial Assistance Cluster • Higher Education Grant

  16. Financial Related Audits • Financial Related vs Financial Statement Audit • Bridging the gap • Risk assessment • Ideas

  17. Internal Controls in a Financial Statement Audit • What the standards say… (SAS 122) • Elements of Internal Control • Control Environment • Risk Assessment • Information System • Control Activities • Monitoring

  18. Preparing for the Audit • Talk to the auditors • Before the audit • During the audit • After the audit • Organize documentation • Analyze the statements for variances

  19. Information Systems Audit Update • Summary of 2013 IS Audit Procedures • Why Should I Care About IT General Controls? • Plan for 2014 IS Audit Procedures & Beyond

  20. Summary of 2013 IS Audit Procedures 2013 – Fourth Year of Financial / IS Audit Partnership Year three – formal communication of IS issues to CIO • NOT findings for the Financial Statement audit • Letters showing “Opportunities for Improvement” Year four – informal communication of IS Issues • NOT findings for the Financial Statement audit • Followed up on prior year “Opportunities for Improvement” Goal remained to help you avoid findings in an IT audit

  21. Summary of 2013 IS Audit Procedures • General Observations from 2013 Work: • Follow-up on topics from 2012 • Common issues in 2013 • UNC-GA Banner Hosting Services audit • IT audit released 12-19-13

  22. Why Should I Care About IT General Controls?

  23. Plan for 2014 IS Audit Procedures & Beyond • Continue Partnership work with Financial Audit • Leverage prior year work where possible • Reduction in scope for 2014 • Goals: • Improve efficiency and reduce IS Audit contribution to your audit bill • Future – Return of IT General Control audits

  24. Questions & Answers

  25. Thank You! Katie Thigpen, Audit Supervisor Office of the State Auditor katie_thigpen@ncauditor.net Michael Spivey, Information Systems Auditor Office of the State Auditor michael_spivey@ncauditor.net

More Related