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Finding Value in Your Audit. Oregon Fire District Directors Assoc. Conference November, 2013. Overview. What an audit is What an audit isn’t Is there value? Maximizing the process. What is an A udit? . Different types Financial audit Opinion Risk-based Controls. Compliance.
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Finding Value in Your Audit Oregon Fire District Directors Assoc. Conference November, 2013
Overview • What an audit is • What an audit isn’t • Is there value? • Maximizing the process
What is an Audit? • Different types • Financial audit • Opinion • Risk-based • Controls
Compliance • Generally Accepted Auditing Standards • Government auditing Standards • A-133
What an Audit Is Not… • Guarantee • Absolute assurance • 100% testing • Fraud considerations
Is There Value? • Definition of value… • Beyond compliance • Resource • Communication • Perspective
Maximizing the Process • Selection • Communication • Preparation and follow through • Oversight
Selection • Request for proposals • Criteria • Due diligence
Communication • Expectations • Concerns • Avoid surprises
Board Oversight • Be involved • Element of internal control • Communication
Contact Information Rob Moody, Partner 503.274.2849 rmoody@tkw.com