Recently Completed Government Audit Details
Explore the details of the most recently completed government audit, including fiscal year, completion date, audit opinion, challenges, and more. Get insights into the audit process structure and timeline, as well as areas needing improvement before the next audit cycle.
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Presentation Transcript
[GOV] -Most Recently Completed Audit What fiscal year is the most recently completed & what was the completion date? 1 FY20?? # financial statement qualifications # compliance qualifications 2 What was the audit opinion? # qualifications related to component units How many months was the audit in progress from the date of the audit contract to completion? 3 List the two most difficult qualifications of the Governmental Activities or General Fund to correct before the next audit 4 How many audit findings were related to reconciliations needing to be performed by the finance office? 5 Did you prepare the Financial Reports and footnotes in house, or did you hire assistance? 6 1 December 10-12, 2024 | Honolulu, Hawaii
[GOV] Current Audit Timeline [ [insert the year currently under insert the year currently under audit audit FY22 or FY23 or FY24 FY22 or FY23 or FY24] ] AUDIT STATUS DATES 1 Date the Trial balance was submitted to and accepted by the auditors Were the audit adjustments entered and the opening balances agreed to the prior year ending? Who is responsible for these tasks? 2 3 Date the financial audit field work commenced (or scheduled) 4 Any major PBC schedules & reconciliations still outstanding? 5 Status of component units: # on schedule & # behind 6 Date of the approved extension request 7 Realistic estimated completion date 8 Date the compliance field work commenced (or is scheduled) 2 December 10-12, 2024 | Honolulu, Hawaii
[GOV] Audit Process Structure AUDIT STATUS DATES What office (department) is responsible for selecting and contracting the audit firm? Does the government have an active audit oversight committee? Who is on the committee? Have you assigned a financial audit coordinator who is responsible for monitoring auditor communications and audit progress? If so, what is their position? 2023 Response Current Status 1 2 3 Do you have regular status meetings with the auditor? Is it a requirement built into your audit contract? 4 Does your public auditor assist with ensuring the component units have contracted with an audit firm and are staying on track with their audits? Have you implemented a new procedure or idea to keep the audit and the auditors on track? 5 6 3 December 10-12, 2024 | Honolulu, Hawaii
[GOV] FMIS Support & Maintenance What is the period of time on your maintenance/support agreement? 1 2 Can you share the annual cost with the group? What is the typical response time from your software vendor? 3 Do you have an internal hierarchy for requesting assistance from the vendor? Who in your organization has authority to contact the vendor directly? 4 5 Same question as above for change requests Which modules have been purchased but not implemented or used? 6 4 December 10-12, 2024 | Honolulu, Hawaii
[GOV] Audit Process Structure (YOUR GOVT) Department of Finance Performance Measures Prior Period -1 Current Period 0 Audit issue? Target Period Trend Notes ____% reduction from prior period 100% completed and AJEs posted Reduction in overdue travel advances 1 Mntly Completion of Fixed Asset Inventory Annual or biannual 2 Bank Reconciliations completed on a timely basis ___days after month end 3 Mnthly Reduction in invalid, outdated encumbrances 0% invalid encumbrance 4 Qtrly 5 December 10-12, 2024 | Honolulu, Hawaii
[GOV] Action Plan Progress Updated Time Updated Time Frame Frame Targeted Targeted Time Frame Time Frame Task Task Progress Notes Progress Notes 1 2 3 4 5 6 7 8 9 1 0 6 December 10-12, 2024 | Honolulu, Hawaii
