Are you using substantive analytical procedures in your audits? Many auditors rely solely on tests of details when a better option is available. Substantive analytics, in some cases, provide better evidential matter. And they are often more efficient than tests of details.
Management and auditor responsibilities for internal control
Management is ultimately responsible for establishing and implementing internal controls. Both the COSO literature and the GAO’s Green Book make that very clear. But because auditors use internal control concepts extensively in their work, the line can get blurred regarding management and auditor responsibilities for internal control. You see, the COSO model and the Green […]
Audit Findings: An Online Workshop
Audit Findings: An Online Workshop – February 2022
7 Ways to Spot a Subrecipient Relationship
Today we’re looking at four common grant mistakes regarding the un-allowability of public relations costs you may experience when managing your Federal grant.
GAO Yellow Book Technical Update
On April 14, the GAO issued a technical update to the 2018 Yellow Book. I will be writing more about this in future newsletters, but wanted to alert you to these changes as soon as possible. Most of the changes impact performance auditors. The GAO has thankfully reversed their requirement that all 17 principles of […]
Internal Controls Workshop – February 2022
webinar
COSO and the GAO Green Book are the same thing
GAO Green Book, GAO Yellow Book … will the Government Accountability Office (GAO) never cease creating books with colored covers? Next thing you know, the GAO will come out with a Purple Book! The GAO Green Book’s formal title is Standards for Internal Controls in the Federal Government. The GAO Yellow Book is also known as Generally Accepted […]
How to Perform a Financial Audit
self-study
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