Internal and Governmental25 Financial Auditing and Operational Auditing Good Auditing Often Results in Improved Cash Flows Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Internal and Governmental 25 Financial Auditing and Operational Auditing Good Auditing Often Results in Improved Cash Flows
Internal Financial Auditing Institute of internal Auditors Relationship of internal and external auditors Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Internal Financial Auditing Institute of Internal Auditors Relationship of Internal and External Auditors
Governmental Financial Auditing The primary source of authoritative literature for performance of government audits is Government Auditing standards, which is issued by the gao Because of the color of the cover it is usually referred to as the“ Yellow B0ok” The Yellow Book standards are often called general accepted government auditing standards (gagas or gas) Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Governmental Financial Auditing The primary source of authoritative literature for performance of government audits is Government Auditing Standards, which is issued by the GAO. The Yellow Book standards are often called general accepted government auditing standards (GAGAS or GAS). Because of the color of the cover, it is usually referred to as the “Yellow Book
Financialaudit and reporting Requirements Yellow book Materiality and significance Quality control Compliance auditing Reporting Working papers Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Financial Audit and Reporting RequirementsYellow Book • Materiality and significance • Quality control • Compliance auditing • Reporting. • Working papers
Audit and reporting Requirements-Single Audit Act and OMB Circular A-133 The threshold for requiring a single audit was raised from S100,000 to $300,000 to exempt many smaller entities from single audit requirements Statutory coverage of the single audit was extended to not-for-profit organizations, as well as to state and local governments a risk-based approach is to be used in selecting programs for testing. Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Audit and Reporting Requirements-Single Audit Act and OMB Circular A-133 • The threshold for requiring a single audit was raised from $100,000 to $300,000 to exempt many smaller entities from single audit requirements. • Statutory coverage of the single audit was extended to not-for-profit organizations, as well as to state and local governments. • A risk-based approach is to be used in selecting programs for testing