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Miscellaneous - Section APP.E APP.E-8 The governing body of the local government shall create the audit committee. The audit committee members shall be external to management and may be members of the governing body, citizens from within the boundaries of the local government, or a combination of both. Members of the audit committee shall be selected by the legislative body. The audit committee shall establish responsibilities and duties that are stated in a resolution approved by the legislative body. The responsibilities and duties, at a minimum, shall address financial and other reporting practices, internal control, compliance with laws and regulations, and ethics. The resolution creating the duties and responsibilities of the audit committee shall be submitted to the comptroller prior to approval by the legislative body. The comptroller shall review the proposed resolution and report back to the local government on whether the resolution follows recommended guidelines for an audit committee. The resolution adopted by the legislative body must conform to the report issued by the comptroller. 89. When to contract So that an auditor may have time to adequately plan and schedule the audit, a local government should award the contract as early in a fiscal year as possible. A good time to start the procurement process is immediately after the annual audit of the prior year is completed and presented to the governing body and the Comptroller of the Treasury. Every effort should be made to award the contract prior to the end of the fiscal year to be audited. 910. The audit contract An electronic audit contract should be executed and submitted in accordance with provisions detailed in the Audit Manual. The contract provides a section that allows the local government or auditor to add special restrictions or requirements. A local government would be well advised to use this section to formalize any verbal agreements made with the auditor. A sample copy of the most current version of the contract can be obtained at the following web address: http://www.comptroller.tn.gov/la/pdf/20120816ContractToAuditAccountsSampleFillin6-11- 2012Final.pdfhttps://www.comptroller.tn.gov/Audit/contract.asp. 101. What information should the local government have available for the auditor? Government officials can reduce audit costs significantly by preparing in advance for the audit. Inaccurate and incomplete financial records will cause the auditor to spend many extra hours during the audit examination. The auditor will have no choice but to bill the local government for these hours. The local government can prepare, in advance, certain information the auditor will need, including: ‣ A list of uncollected receivables. 5
Miscellaneous - Section APP.E APP.E-7 ‣ A list of fixed assets acquired during the year. ‣ A list of principal revenue sources. ‣ A list of accounts receivable and payable. ‣ A list of insurance in force. ‣ Grant applications and regulations (grant contract numbers, federal CFDA numbers). ‣ Bank accounts ‣ ‣ Investments. Formatted: Indent: Left: 0.5", No bullets or numbering ‣ A list of grantors. ‣ Bond and note information. ‣ Minutes of the board meetings. 112. Where can additional information be obtained? References State of Tennessee, Department of Audit–Audit Manual American Institute of Certified Public Accountants (AICPA), Audits of State and Local Governments. OMB Circular A-133: Audits of States, Local Governments, and Non-Profit Organizations. Government Finance Officers Association, An Elected Official's Guide: Audit Committees and An Elected Official's Guide to Auditing. Technical Assistance State of Tennessee, Comptroller of the Treasury, Division of Local Government Audit, (615) 401-7841. 4
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Trust Funds - Procedures IJ-5 Resid
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PREFACE This audit manual supersede
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Introduction This manual sets forth
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Section 9-3-213, Tennessee Code Ann
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SECTION A GENERAL INFORMATION Compt
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Auditing Standards and Requirements
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