2015-125B - Laserfiche WebLink

Home Browse Search

%�6 S : ,4id h' -t c.p proact, c.hd work p(. Audit Work Plan We will complete our work in four inter -related phases: (1) planning and risk assessment, (2) primary fieldwork and testing, (3) financial statement review, and (4) conclusion and issuance procedures. A brief overview of our audit approach is provided below. Please see a detailed audit approach in the appendix. Phase 1: Planning/Risk Assessment Prior to the inception of the audit field work, we will meet with the associates in your offices to review the logistics of the audit. We will schedule the dates of on-site fieldwork; obtain file documents such as the County's budget, organizational chart, policies and procedural manuals; arrange for downloads from your computer systems; document internal controls over financial reporting and compliance, and review the materials you typically provide to the Firm. Once the County is ready and has available a reasonably -adjusted trial balance, we will complete the planning process. Our engagement executives will analytically review the top level fund financial information, and document our assessment of audit risk by area. We will use this information to tailor our standard governmental audit programs to correlate with our risk assessment of the County's accounting and financial processing environment. Phase 2: Primary Fieldwork/Testing Working from the reasonably -adjusted trial balance used to complete our planning procedures, we will begin our year-end fieldwork. Our lead schedules and audit workpapers will be created based on the County's financial statement framework. This allows us to conduct our audit at the same level of detail on which our opinions will be expressed, and enhances the efficiency of the entire process. Each audit area will be tested using the audit programs tailored in Phase 1 through a combination of analytical, substantive and sampling procedures. We will update any existing accounting policies and/or procedures manuals to gain a current understanding of the operating environment and internal control structure. Once we have an understanding of internal controls and have identified the key controls, we will select a small sample of actual transactions and "walk through" each of the key controls to determine if the controls have been implemented and documented appropriately. The typical areas for which walkthroughs are performed are: cash disbursements, cash receipts, payroll, and general journal entries, though other areas may also be tested at this time. etIolAh - Avid ti Process