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AUDIT PROGRAM

2. AUDIT PROGRAM (Yellow Book). Audit Programs Driven by Types of Audits

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AUDIT PROGRAM

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    1. 1 AUDIT PROGRAM Audit Programs Driven by Types of Audits & Goals & Objectives of Audit Types of Audits (Governmental): Financial Attestation Financial Nonfinancial Performance Expanded scope, includes prospective analysis & other studies

    2. 2 AUDIT PROGRAM (Yellow Book) 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

    3. 3 AUDIT PROGRAM (Yellow Book) Types of Audits GAGAS Update - Yellow Book Revisions June 2003: Redefined Types of Audits & Services 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

    4. 4 AUDIT PROGRAM (Yellow Book) ? Audit Program Should be Designed to …… ? Provide reasonable assurance detect material misstatements (GAGAS 4.17) Assess risk of material misstatements of FS amounts or data due to fraud (4.18) Provide reasonable assurance detect material misstatements resulting from illegal acts (4.18) Be aware possible illegal acts occurred (4.18) Auditor is responsible for detecting material misstatements arising from violations as well as from fraud. (4.18)

    5. 5 AUDIT PROGRAM (Yellow Book) ? Audit Program Should be Designed to …. ? Provide reasonable assurance of detecting violations (7.17) Assess risk illegal acts or violations could occur (7.17) Provide reasonable assurance of detecting fraud (7.22) Cannot guarantee fraud will be discovered (7.27)

    6. 6 AUDIT PROGRAM Initial & Date Step - completed Cross-Reference - W/P, Report Update Program Permanent Audit File

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