Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 16: Auditing governments and not-for-profit organizations

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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 16: Auditing governments and not-for-profit organizations. Chapter 16 - Auditing governments and not-for-profit organizations. In this chapter, the learning objectives are: Auditing government & not-for-profit vs. business , types of audits that governments conduct, standards of government audits, role of “yellow-book” in governmental auditing,…
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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 16: Auditing governments and not-for-profit organizations. Chapter 16 - Auditing governments and not-for-profit organizations. In this chapter, the learning objectives are: Auditing government & not-for-profit vs. business , types of audits that governments conduct, standards of government audits, role of “yellow-book” in governmental auditing,….

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Click icon to add picture Chapter 16 Auditing Governments and Not-For-Profit Granof, et al. – 7th edition izations © 2016 John Wiley & Sons, Inc. Chapter 16 | 1 All rights reserved. Learning Objectives Auditing Government & Not-for-Profit vs. Business Types of audits that governments conduct Standards of government audits Role of “Yellow-Book” in governmental auditing Single Audit Act (A-133) Auditor reports Characteristics and key elements of performance audits Ethical issues facing governmental and not-for-profit accountants and auditors. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 2 All rights reserved. FACT U.S. Government Accountability Office (GAO) Audit of the U.S. Government For the past 17 YEARS, from 1997 to 2014, the GAO has Disclaimed an Opinion on the U.S. Government’s Financial Statements http://www.gao.gov/press/financial_report_2013jan17.htm https:// www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/14frusg/FR_02252015_Final.pdf (page 225) Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 3 All rights reserved. “While significant progress has been made in improving federal financial management since the federal government began preparing consolidated financial statements 17 years ago, three major impediments continued to prevent us from rendering an opinion on the federal government's accrual-based consolidated financial statements over this period: (1) serious financial management problems at DOD that have prevented its financial statements from being auditable, (2) the federal government's inability to adequately account for and reconcile intra-governmental activity and balances between federal entities, and (3) the federal government's ineffective process for preparing the consolidated financial statements.” http://www.gao.gov/assets/670/661639.txt Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 4 All rights reserved. Three major impediments (1) SERIOUS financial management problems at the Department of Defense (2) the federal government's INABILITY to adequately account for and reconcile intra-governmental activity and balances between federal agencies (3) the federal government's INEFFECTIVE process for preparing the consolidated financial statements. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 5 All rights reserved. Important Concepts Understand very clearly what is meant by ◦ generally accepted government auditing standards (GAGAS), ◦ the source of GAGAS, and ◦ why GAGAS are much broader than GAAS, in particular for financial audits and performance audits Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 6 All rights reserved. Audits of Governments & NFPs Vs. Business Audit: • “examination of records or accounts for accuracy.” Business sector audits: • characterized by attest function (i.e. “to affirm to be correct, true, or genuine.”) • Attest function adds credibility to the assertions of others Government/Not-for-Profit sector audits: • Auditors not only “attest” BUT also independently evaluate. • Auditors assess whether auditees have achieved the objectives. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 7 All rights reserved. Types of Audits Government Auditing Standards (2011) characterize government audits into three categories: Financial Audits: determine if financial statements are in accordance with GAAP. Attestation engagements: Examine, review, perform agreed-upon procedures Performance Audits: o Effective usage of entity’s resources (Efficiency) o Effectiveness of internal controls o Verifying that organization is complying with the terms of laws, grants, and contracts. Granof, et al. – Provide guidance on how thel organization can improve Inc. Chapter 16 | 8 GAGAS --Yellow Book Generally Accepted Government Auditing Standards (GAGAS) Issued by the Government Accountability Office (GAO). Prescribes accounting standards and practices for ALL federal agencies (as required by law, regulation, agreement, contract, or policy) Mirror GAAS in discussion of: • Auditor’s professional qualifications • Quality of audit effort, • Characteristics of • professional/meaningful • audit reports Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 9 All rights reserved. Generally Accepted Government Auditing Standards (GAGAS) Contains a total of 32 standards for both financial and performance audits Required of auditors in a SingleAudit Government auditing standards are divided into: General standards Field work standards Reporting standards Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 10 All rights reserved. Levels of Reporting in Governmental SingleAudits Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 16 | 11 All rights reserved. Generally Accepted Government Auditing Standards (GAGAS) BroadThis gives an overview of the breadth and depth of GAGAS. Financial Audits Attestation Engagements Performance

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