The elements of an audit finding are so core to planning, performing, and reporting on an audit, one newsletter can only scratch the surface on all that needs to be said! In this newsletter, we will just get a sense of what the elements of an audit finding are. What are the elements of a […]
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Audit Report Writing Tip: The Three Stages of Editing
The editing hierarchy for audit reports When I first began my role as editor of audit reports in a large audit office, I edited in the silliest way possible. I wasted so much time and caused so much animosity, it is surprising they kept me on the payroll. Here is what I would do: I […]
Audit interviews can change color very quickly
In relating to others—especially the ultra-sensitive, elusive creature known as the audit client—we do well to imagine ourselves as lead chameleons. Chameleons change colors with the environment they are in. It is your job, as lead chameleon, to create the tone—the color, if you will—of the audit interview. Here are two aspects of being a […]
How Auditors Help Take Care of Federal Grants
How NOT to take care of a grant My generous father paid for my entire education at the University of Texas back in the ‘80s. For the first two years, he paid the University directly for my tuition, dormitory, and food plan. Tuition then was a whopping $464 a semester! I estimate he might have […]
7 ways to avoid scope creep
You know your audit has suffered scope creep when your audits have birthdays. Happy birthday to you, happy birthday to you, happy birthday you horrible project that will never end… Happy Birthday toooo youuuuu! But you don’t have to take it lying down. Combat scope creep with one or more of these 7 ideas. Scope […]
Hard Earned Audit Wisdom – Audit Planning per the GAO
Objectives: • Differentiate between the concepts of materiality and significance • Identify factors that affect audit risk in a performance audit • Define the parameters of an audit project: audit objective, audit scope, and audit methodology • Distinguish among the types of information that you “should” and “may” gather during the planning phase of a […]
Blending the Green Book with the Yellow Book
Objectives: Identify the purpose of the GAO’s Green Book. Distinguish between components of internal control. Distinguish between management objectives Choose a finite subject matter on which to apply controls Identify the auditor’s responsibilities regarding application of the Green Book Most of the changes between the 2011 Yellow Book and the 2018 Yellow Book that we […]
Has the GAO gone too far with audit quality control?
Objectives: Assess whether an audit team has met the Yellow Book requirements regarding quality control and peer review At the most basic level, the quality control requirements are twofold. The Yellow Book requires that audit shops: have an internal quality control system, and undergo an external peer review that determines whether the audit shop’s quality […]
Why would a government employee commit fraud?
Please enjoy the first chapter of “The Little Book of Local Government Fraud” by Charles Hall, CPA. An fun-to-read and informative self-study course available at Yellowbook-CPE.com. Objectives: Identify common characteristics of fraudsters Identify various types of fraud schemes Before we dig into fraud at the ground level of individual transactions, let’s take a look at local government fraud […]
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