Finding Value in Your Audit
11
Finding Value in Your Audit Oregon Fire District Directors Assoc. Conference November, 2013
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Finding Value in Your Audit. Oregon Fire District Directors Assoc. Conference November, 2013. Overview. What an audit is What an audit isn’t Is there value? Maximizing the process. What is an A udit?. Different types Financial audit Opinion Risk-based Controls. Compliance. - PowerPoint PPT Presentation
Transcript of Finding Value in Your Audit
Finding Value in Your Audit
Oregon Fire District Directors Assoc. ConferenceNovember, 2013
OverviewWhat an audit isWhat an audit
isn’tIs there value?Maximizing the
process
What is an Audit?Different types
Financial audit◦ Opinion◦ Risk-based◦ Controls
Compliance Generally
Accepted Auditing Standards
Government auditing Standards
A-133
What an Audit Is Not…GuaranteeAbsolute
assurance100% testingFraud
considerations
Is There Value?Definition of
value…Beyond
complianceResourceCommunicationPerspective
Maximizing the ProcessSelectionCommunicationPreparation and
follow throughOversight
SelectionRequest for
proposalsCriteriaDue diligence
CommunicationExpectationsConcernsAvoid surprises
Board OversightBe involvedElement of
internal controlCommunication
