How Would You Write the Audit Opinion and Internal Control Report on the following:
As an auditor, what would your conclusions/suggestions be? What would you state in your audit report?
Materiality is $120 million
Audit Findings:
1. Money reconciliations not carried out till 5 months late, however have been caught up by year-end. At one cut-off date, the unreconciled balances totaled $1.four billion.
Monetary statements had some minor variations earlier than being supplied to the auditors
Monetary statements have been pretty said at year-end
Entity adopted new SFFAS this 12 months that considerably modified the reporting construction
2. Audit couldn’t be accomplished in time attributable to monetary assertion preparation weaknesses.
Massive numbers of disbursements with out supporting documentation (roughly $275 million)
three. Main issues after implementing a brand new monetary accounting system
Issues with finding supporting contract info
Monetary statements have been pretty said after materials auditor changes.
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How would you draft the following audit opinion and inner management report:
What conclusions/suggestions would you make as an auditor? In your audit report, what would you say?
The worth of materiality is $120 million.
Findings of the Audit:
1. Money reconciliations weren’t accomplished till 5 months after the finish of the fiscal 12 months, however they have been accomplished by the finish of the 12 months. The unreconciled balances reached $1.four billion at one level.
Earlier than being despatched to the auditors, the monetary statements had a number of minor discrepancies.
At the finish of the 12 months, the monetary statements have been correct.
Entity adopted new SFFAS this 12 months that considerably modified the reporting construction
2. Audit couldn’t be accomplished in time attributable to monetary assertion preparation weaknesses.
Massive numbers of disbursements with out supporting documentation (roughly $275 million)
three. Main issues after implementing a brand new monetary
