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Finding Value in Your Audit

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

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  1. Finding Value in Your Audit Oregon Fire District Directors Assoc. Conference November, 2013

  2. Overview • What an audit is • What an audit isn’t • Is there value? • Maximizing the process

  3. What is an Audit? • Different types • Financial audit • Opinion • Risk-based • Controls

  4. Compliance • Generally Accepted Auditing Standards • Government auditing Standards • A-133

  5. What an Audit Is Not… • Guarantee • Absolute assurance • 100% testing • Fraud considerations

  6. Is There Value? • Definition of value… • Beyond compliance • Resource • Communication • Perspective

  7. Maximizing the Process • Selection • Communication • Preparation and follow through • Oversight

  8. Selection • Request for proposals • Criteria • Due diligence

  9. Communication • Expectations • Concerns • Avoid surprises

  10. Board Oversight • Be involved • Element of internal control • Communication

  11. Contact Information Rob Moody, Partner 503.274.2849 rmoody@tkw.com

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