TOP AUDITING ISSUES FOR 2013 - CCH

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MODULE 1 — CHAPTER 2 — Financial Audits 23 Other non-classified information, such as computer security or matters involving public safety, privacy, or security concerns, may also be justifiably excluded from a publicly available report. Auditors may, in this case, issue a limited-use report for distribution only to parties responsible for acting on its recommendations. Auditors should consider whether omissions of information could distort the audit results, or conceal illegal or improper practices. When subject to public records laws, auditors should determine whether those laws could affect the availability of classified or limited-use reports. They should determine if other means of communication with management or those charged with governance would be more appropriate in these instances. This might include communicating general information in a written report and detailed information orally. Distributing reports. Distribution of GAGAS reports depends on the relationship of the auditors and the audited entity, and the nature of the information in the report. The following are requirements related to report distribution: Auditors should document any limitations on report distribution. Audit organizations in government should distribute reports to: Those charged with governance Appropriate entity officials Appropriate oversight bodies requiring or arranging for the audit Other appropriate officials with legal oversight authority or with responsibility for acting on audit findings Others authorized to receive such reports. For internal audit organizations in government, the head of the organization should communicate audit results to parties who can ensure that the results receive due consideration. Unless otherwise required by law or regulation, the head of the internal audit organization should, before releasing results to outside parties: Assess the potential risk to the organization Consult with senior management as appropriate Control report dissemination by indicating the intended users in the report. Public accounting firms engaged to perform GAGAS audits should clarify report distribution responsibilities with the engaging organization. If the accounting firm is responsible for report distribution, it should obtain an agreement about which officials or organizations are to receive the report, and the steps taken to make it publicly available.
24 TOP AUDITING ISSUES FOR 2013 CPE COURSE STUDY QUESTION 3. Which of the following statements applies to the auditor’s additional reporting responsibilities under GAGAS? a. GAGAS prohibits auditors from issuing separate reports conforming only to GAAS. b. Auditors are prohibited from issuing a report when the audited entity refuses to comment on audit findings. c. Findings that are less than material, but warrant the attention of those charged with governance may be communicated either in writing or orally. d. Auditors may issue a separate, limited-use or classified report containing classified information or information that is otherwise prohibited by law or regulation from general disclosure. Additional Considerations for Financial Audits Because of the objectives and public accountability aspects of a GAGAS audit, additional considerations may apply. These are not, however, requirements. Materiality. It may be appropriate to use lower levels of materiality compared to GAAS audits, due to public accountability considerations, legal and regulatory requirements, and the sensitivity and visibility of government programs. Early communication of deficiencies. Early communication of deficiencies to management or those charged with governance may be important due to their relative significance and the urgency of corrective action. It is also important, when a control deficiency results in noncompliance or abuse, to make early communication in order to prevent further noncompliance.
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INDEX 179 Auditor’s versus manage
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INDEX 183 Management participation
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CCH LEARNING CENTER At CCH, we reco
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TOP AUDITING ISSUES FOR 2013 - CCH

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