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
Cash 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.<\/p>\n
Financial statements had some minor differences before being provided to the auditors<\/p>\n
Financial statements were fairly stated at year-end<\/p>\n
Entity adopted new SFFAS this year that significantly changed the reporting structure<\/p>\n
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
Major problems after implementing a new financial accounting system<\/p>\n
Problems with locating supporting contract information<\/p>\n
Financial statements were fairly stated after material auditor adjustments.<\/p>\n","protected":false},"excerpt":{"rendered":"
How Would You Write the Audit Opinion and Internal Control Report on the following: As an auditor, what would your conclusions\/recommendations be? What would you state in your audit report? Materiality is $120 million Audit Findings: Cash reconciliations not performed until 5 months late, but were caught up by year-end. At one point in time, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-96423","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/96423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=96423"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/96423\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=96423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=96423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=96423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}