An internal auditor following 2018 Yellow Book standards should add a statement to their audit report regarding their independence. This is new and I didn’t want you to miss it! GAGAS 2018 9.04 Audit organizations that meet the independence requirements for internal audit organizations, but not those for external audit organizations, should include in the […]
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Using the name GAGAS in Vain
Do you ever use the words “Jesus!” or “God!” to punctuate a sentence? My aunt couldn’t stand it when we used the Lord’s name in vain. Using the Lord’s name in vain was a big no-no to her (and many others). She would cuss us out if we kids ever made that mistake in her […]
What is audit criteria?
Audit criteria is the standard that you evaluate the subject matter against. Without firm criteria, the auditee will likely resist your audit recommendations. I know I did when I was audited. Auditees might fight you over every statement in the report I was audited three times in a very short period because I was the […]
Performance Audit vs. Financial Audit
So how do you tell the difference? Performance audit vs. financial audit? You might expect that it would be as simple as saying that a financial audit deals with money and a performance audit does not. But oh no! The audit standards are never that straightforward. As a matter of fact, the most comprehensive audit […]
Has a compliance audit ever made you cray cray?
A compliance audit can be one of the most straightforward audits out there OR it can drive an auditor absolutely nuts. Since an audit is defined as the evaluation of a subject matter against a criteria, an auditor’s level of sanity hinges on how clear the criteria is. The GAO gives us a long list […]
4 Layers of Federal Grant Compliance
An audit is defined as the evaluation of an audit subject against given criteria. And the federal government gives and gives and gives when it comes to auditing federal grants. 🙂 An audit of federal grants is often a “Single Audit”. If an entity expends more than $750,000 in federal grant funds in a year, […]
Are auditing and monitoring different?
Yes, and no. Auditing and monitoring are very similar in their approach to gathering evidence and reporting, so sometimes it is hard to distinguish between the two. So close in fact, that many professionals are confused about which is which. Add that to wacky stakeholder expectations, and you end up with quite a jumble. Auditors […]
The Fraud Triangle and My Uncle Jimmy
The fraud triangle shows up at every accounting and auditing conference I have ever been to. It is now imbedded in the Green Book, the Yellow Book, and the COSO model. And honestly, I was getting a little tired of it until I applied it to my own life and my own clients. Now I […]
The Little Things Make a Huge Difference in Audit Documentation
Source, purpose, procedures, results, conclusions. When I first started auditing, these so called “elements of audit documentation” were drilled into my brain by an anal-retentive audit supervisor so effectively that I could say them in my sleep. That very strict audit supervisor made me put that stuff on every document! Sometimes I was more than […]
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