How Would You Write the Audit Opinion and Internal Control Report on the following:<\/p>\n
As an auditor, what would your conclusions\/recommendations be? What would you state in your audit report?<\/p>\n
Materiality is $120 million<\/p>\n
Audit Findings:<\/p>\n
1.\tCash reconciliations not performed until 5 months late, but were caught up by year-end. At one point in time, the unreconciled balances totaled $1.4 billion.
\nFinancial statements had some minor differences before being provided to the auditors
\nFinancial statements were fairly stated at year-end
\nEntity adopted new SFFAS this year that significantly changed the reporting structure<\/p>\n
2.\tAudit could not be completed in time due to financial statement preparation weaknesses.
\nLarge numbers of disbursements without supporting documentation (approximately $275 million)<\/p>\n
3.\tMajor problems after implementing a new financial accounting system
\nProblems with locating supporting contract information
\nFinancial statements were fairly stated after material auditor adjustments.<\/p>\n
———<\/p>\n
How would you draft the following audit opinion and internal control report:<\/p>\n
What conclusions\/recommendations would you make as an auditor? In your audit report, what would you say?<\/p>\n
The value of materiality is $120 million.<\/p>\n
Findings of the Audit:<\/p>\n
1. Cash reconciliations were not completed until 5 months after the end of the fiscal year, but they were completed by the end of the year. The unreconciled balances reached $1.4 billion at one point.<\/p>\n
Before being sent to the auditors, the financial statements had a few minor discrepancies.<\/p>\n
At the end of the year, the financial statements were accurate.<\/p>\n
Entity adopted new SFFAS this year that significantly changed the reporting structure<\/p>\n
2. Audit could not be completed in time due to financial statement preparation weaknesses.<\/p>\n
Large numbers of disbursements without supporting documentation (approximately $275 million)<\/p>\n
3. Major problems after implementing a new financial<\/p>\n","protected":false},"excerpt":{"rendered":"
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