Preparing for the Audit Presented by Elisa Stilwell Senior Manager - KPMG LLP KPMG LLP.
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Transcript of Preparing for the Audit Presented by Elisa Stilwell Senior Manager - KPMG LLP KPMG LLP.
Preparing for the Audit
Presented by Elisa StilwellSenior Manager - KPMG LLP
KPMG LLP
2GAAP Reporting Workshop
Overview - Proper Care and Feeding of the Audit Process
Role of the auditor
Role of the campus
Planning and lots of communication
Campus preparedness - having all required items ready on first day of fieldwork!
Directly impacts the ability to stay “on track” with required audit timeline and CO submission deadlines
3GAAP Reporting Workshop
The Role of the Independent Auditor
Provide PBC List (contained in Chapter 9) Financial statement audit
A-133 audit (higher and limited scope)
KPMG campus partners to communicate campus audit preparedness to Chancellor’s Office (CO) on first day of fieldwork
Planning meeting/ entrance conference held
All PBC schedules provided
Completed and approved reporting package provided to KPMG campus team
Draft financial statements (excluding MD&A) provided to KPMG campus team
4GAAP Reporting Workshop
The Role of the Independent Auditor (cont’d)
Communicate progress and any difficulties or issues encountered during the audit, including proposed management letter comments and single audit findings, to:
Campus management
CO via weekly CO meetings with campus partners
KPMG Systemwide Team via weekly progress reports
Meet deadlines set by CO, campus and audit team (refer to audit timeline for key dates)
5GAAP Reporting Workshop
Understanding the Role of the Campus
To have all requested schedules, including the completed and approved reporting package, PRIOR to the first day of fieldwork (refer to Engagement Team Phone List for fieldwork start dates)
Provide suitable workspace, including phone and internet connections
Designate campus contacts for financial statement and A-133 audits
Meet deadlines set by CO, campus and audit team (refer to Audit Timeline for key dates)
6GAAP Reporting Workshop
First Day of Fieldwork – Submission to KPMG Campus Team
Completed and approved campus preparedness checklist (available on CO website)
All PBC schedules – to be provided in a separate set of PBC binders with indexing of all schedules (refer to Chapter 9)
Completed and approved reporting package
Draft financial statements (excluding MD&A)
7GAAP Reporting Workshop
Key Deadlines – Submission to CO
Auxiliary organizations’ audited financial statements, including supplementary information schedules – September 30, 2005
Campus reporting package (includes financial statement and A-133 audits, including FISAP and findings, if any) – October 18, 2005
Campus fluctuation analysis by financial statement line item – October 18, 2005
Campus MD&A (reviewed and approved by management and KPMG teams) – October 18, 2005
8GAAP Reporting Workshop
Planning Meeting/ Entrance Conference
Campus and KPMG team introductions Current year activity and issues Scope of audit PBC list clarification Confirmations Key deadlines
Auxiliary organizations Reporting package Management’s discussion and analysis Stand-alone financial statements
Confirm fieldwork timing
9GAAP Reporting Workshop
Sample
Schedules
10GAAP Reporting Workshop
2005 A-133 Higher Scope Campuses
Bakersfield
Dominguez Hills
Hayward
Humboldt
Los Angeles
San Bernardino
San Diego
San Luis Obispo
11GAAP Reporting Workshop
KPMG Information Risk Management (IRM) Audit Team – Scope of Work
Update understanding of the IT environment via scheduled conference calls with campuses and review of selected documentation
Data conversion for PeopleSoft baseline implementation at selected campuses
ERP review Access controls
Configuration controls
Financial aid system controls at selected campuses (8 higher scope A-133 campuses)
Department of Education upload to campus systems
Grade system – user access
Interface from grade system to financial aid system
12GAAP Reporting Workshop
IRM Testwork– Key Dates
May 6, 2005 – IRM PBC list distributed to campuses
May 19, 2005 – Questions distributed for campus conference calls scheduled beginning May 31, 2005 (approximately 2 hours per campus)
May 31 to June 10, 2005 – Conference calls to be held with campuses to discuss applications, networks, configuration changes, and continuity planning / computer operations
Drives planning and scoping efforts
June 17, 2005 – Submission of all items on PBC list to CO (ERP review covering access controls and configuration controls)
Dates to be determined – on-site testwork at selected campuses
13GAAP Reporting Workshop
Questions?