(Objective 26-2) Identify the key required reports of the Single Audit Act and OMB Circular A-133.
(Objective 26-2)
GOVERNMENTAL FINANCIAL AUDITING
Federal and state governments employ their own auditing staffs to perform audits in much the same way as internal auditors. Chapter 1 briefly discussed the United States Government Accountability Office (GAO). All states have their own audit agencies, similar to but smaller than the GAO. In addition, CPA firms do considerable financial auditing of governmental units. For example, some states require that all city and school district financial statements be audited by CPA firms. The primary source of authoritative literature for doing government audits is Government Auditing Standards, which is issued by the GAO. Because of the color of the cover, it is usually referred to as the “Yellow Book” rather than by its more formal name. The initial Yellow Book standards were similar to the GAAS standards but have been expanded in subsequent revisions to provide guidance standards for performance audits. These standards are often called generally accepted government auditing standards (GAGAS). Financial auditing under the Yellow Book includes several categories of informa – tion to audit, including financial statements of governmental units, government contracts and grants, internal control, fraud, and other noncompliance with laws and regulations. Because governmental units are as concerned with compliance with laws and regulations as they are with the reliability of financial statements, these categories of information are broader than audits under auditing standards and encompass the types of attestation work outlined in Table 25-1 on page 797. The financial auditing standards of the Yellow Book are consistent with the 10 generally accepted auditing standards of the AICPA, and also contain extensive additional guidance, including the following additions and modifications:
• Materiality and significance. The Yellow Book recognizes that in government audits the thresholds of acceptable audit risk and materiality may be lower than in an audit of a commercial enterprise. This is because of the sensitivity of govern – ment activities and their public accountability
• Quality control. CPA firms and other organizations that audit government entities in compliance with the Yellow Book must have an appropriate system of internal quality control and participate in an external quality control review program. The latter requirement exists for some CPAs, but only as a require – ment for membership in the AICPA, and for the audit of public companies. Auditors involved in planning, performing, or reporting on audits under GAGAS must complete 80 hours of continuing professional education in each two-year period. At least 24 of these 80 hours of training must be in subjects related to the government environment and government auditing.
• Compliance auditing. The audit should be designed to provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a material and direct effect on the financial statements.
• Reporting. The audit report must state that the audit was made in accordance with generally accepted government auditing standards (GAGAS). In addition, the report on financial statements must describe the scope of the auditors’ tests of compliance with laws and regulations and internal controls and present the results of those tests or refer to a separate report that includes the information.
The Single Audit Act of 1984 provides for a single coordinated audit to meet the audit requirements of all federal agencies. Entities that receive more than $500,000 in federal funds are subject to a single audit even if more than one agency provided funds. The Single Audit Act applied only to audits of state and local governments, but it was ex – tended in 1990 to higher-education institutions and other not-for-profit organizations by the Office of Management and Budget (OMB) through the issuance of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Audit Requirements The Single Audit Act as amended and OMB Circular A-133 (hereafter referred to collectively as the Act) contain requirements for the scope of the audit, including:
• The audit should be in accordance with GAGAS.
• The auditor must obtain an understanding of internal control over federal pro – grams sufficient to support a low assessed level of control risk for major programs.
• The auditor should determine whether the client has complied with laws, regula tions, and the provisions of contracts or grant agreements that may have a direct and material effect on each of its major programs. A-133 Compliance Supplement identifies 14 compliance requirements along with suggested audit procedures that should be considered in every audit. In addition, it lists
specific requirements for individual federal programs. The following are examples of specific compliance objectives:
• Whether the amounts reported as expenditures were for allowable services.
• Whether the records show that those who received services or benefits were eligible to receive them. • Whether matching requirements (where the government unit matches federal funds), levels of effort, and earmarking limitations were met.
Reporting Requirements The following reports are required under OMB Circular A-133:
• An opinion on whether the financial statements are in accordance with GAAP.
• An opinion as to whether the schedule of federal awards is presented fairly in all material respects in relation to the financial statements as a whole.
• A report on internal control related to the financial statements and major programs.
• A report on compliance with laws, regulations, and the provisions of contracts or grant agreements, where noncompliance could have a material effect on the finan – cial statements. This report can be combined with the report on internal control.
• A schedule of findings and questioned costs.
Auditors doing government auditing often find it complex. The auditor must be familiar with both GAAS and a series of government audit documents, laws, and regulations. Thus, the first step in preparing for such an engagement is extensive professional development. Sources of AICPA guidance include:
• The audit guide Government Auditing Standards and Circular A-133 Audits
• AU 801, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance.
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What fraud detection responsibilities (if any) does SOX impose on auditors?View Solution: What fraud
/in Uncategorized /by JosephWhat fraud detection responsibilities (if any) does SOX impose on auditors?View Solution:
What fraud detection responsibilities if any does SOX impose o
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On applying knowledge and understanding to specific financial reporting issues to AASB accounting… 1 answer below »
/in Uncategorized /by Josephassessment.
Students are required to, follow the instructions by your lecturer to confirm any
relevant information. You also need to follow any relevant announcement on
Blackboard that confirm the date and time.
The individual assignment will assess students on the following LOs;
1. On understanding of the various theoretical models of accounting
2. On applying knowledge and understanding to specific financial reporting issues
to AASB accounting standards
3. On discussing the theoretical constructs of contemporary financial accounting
4. On evaluating and explaining the need for the development of a conceptual
framework for accounting, and discuss the influence of such a framework on
accounting practice.
5. On Understanding of the Australian accounting regulatory framework and the
conceptual framework
6. On understanding of how to account for assets, non-current assets and liabilities
7. Be able to calculate for revaluations and impairments of non-current assets, and then
journalise, and
8. Account for leases for both lessees and lessors.
HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 2019 Unit Code HA3011 Unit Title Advanced Financial Accounting Assessment Type Assignment Assessment Title Individual Assignment Purpose of the Students are required to, follow the instructions by your lecturer to confirm any assessment. relevant information. You also need to follow any relevant announcement on Blackboard that confirm the date and time. The individual assignment will assess students on the following LOs; 1. On understanding of the various theoretical models of accounting 2. On applying knowledge and understanding to specific financial reporting issues to AASB accounting standards 3. On discussing the theoretical constructs of contemporary financial accounting 4. On evaluating and explaining the need for the development of a conceptual framework for accounting, and discuss the influence of such a framework on accounting practice. 5. On Understanding of the Australian accounting regulatory framework and the conceptual framework 6. On understanding of how to account for assets, non-current assets and liabilities 7. Be able to calculate for revaluations and impairments of non-current assets, and then journalise, and 8. Account for leases for both lessees and lessors. Weight 20 % of the total assessments Total Marks 20 Word limit 2500 words Due Date Sunday of week 10 at 11:59 Submission Guidelines ? All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. ? The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. ? Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. HA3011 Advanced Financial AccountingPage 2 of 3 …
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The starting code has been written but nee help completing…
/in Uncategorized /by JosephThe starting code has been written but need help completing.
Instructions: The HW5 start.m Matlab file makes 2 figures. As usual, paste these two completed
figures into a single Word document that you submit with the written answers of the other parts. Name
your file HW5 LastName.docx (e.g., mine would be HW5 Harig.docx) and a single Matlab script similarly
named (mine would be HW5 Harig.m) to the D2L Dropbox. You will need to modify the HW5 start.m
to add the equations from lecture to do the calculations. It provides some structure for print statements,
plotting, etc.
1. GeoDaze. You should have attended one talk or one poster during the GeoDaze symposium.
Write a short paragraph about the presentation you saw. Tell me what it was about, what work they
performed, and what conclusions they had.
2. In class we talked about the Stokes settling velocity for particles (spheres) as they fall in a fluid.
Here we wish consider single spheres, and develop settling velocity graphs and codes to understand, for
example, the effect of particle size on the settling speed.
Figure 1: This corrects a typo from lecture. See the red ?f .
Use the equations we derived in class for a specified isolated sphere settling in a fluid. For now take it
to be quartz in water. There is a file hw5start.m which does most of the setup for you. I also supply a
scrap of code dragcoeff.m in which the relationship between drag coefficient, Cd, and Reynolds number,
Re, is tabulated (from Ferguson and Church, 2004).
a) Plot the time evolution of the vertical speed, w(t). Report three cases, with D = 10 micrometers,
1 mm and 10 cm. You will need to add expressions to calculate w max, re, and dwdt. I put
‘REPLACE’ in capital letters to help you find where.
1
0 1 2 3 4
Time in seconds #10-6
0
0.2
0.4
0.6
0.8
1
Velocity in cm/sec
#10-3 Particle Diameter = 10 micrometers
0 0.2 0.4 0.6 0.8 1
0
0.2
0.4
0.6
0.8
1
0 0.2 0.4 0.6 0.8 1
0
0.2
0.4
0.6
0.8
1
Figure 2: This is what your graph should look like for D = 10 micrometers.
b) For panel 2 of your first figure, which is for D = 1mm, also plot the horizontal line which represents
w¯ in red. If we tried to also plot this for D = 10cm it would not match what we calculated. Why
might it not match? The second figure below will help with this as well.
c) Now we will do this process again but make a plot of terminal velocity vs. particle diameter.
We will do this for two materials: quartz sinking in water, and quartz sinking in air. I created
another copy of the calculation loop in the HW5start.m Take D to go from 10-5 m to 1 m, with 5
logarithmically spaced increments in each decade of particle size. See the matlab file where we use
the command logspace to do this.
d) Why do the lines agree with the red D2
line that I drew for part of the diameters and then disagree
at large diameters?
3. For graduate students only Turcotte and Schubert question 6-25. (about the Thaiti plume)
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In The Road , in the part where the son and the father come across the old man, why does the father
/in Uncategorized /by JosephIn The Road, in the part where the son and the father come across the old man, why does the father give in to help him?
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Please read my attach files I describe what I need Document Preview:
/in Uncategorized /by JosephPlease read my attach files I describe what I need Document Preview:
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(Objective 26-2) Identify the key required reports of the Single Audit Act and OMB Circular…
/in Uncategorized /by Joseph(Objective 26-2) Identify the key required reports of the Single Audit Act and OMB Circular A-133.
(Objective 26-2)
GOVERNMENTAL FINANCIAL AUDITING
Federal and state governments employ their own auditing staffs to perform audits in much the same way as internal auditors. Chapter 1 briefly discussed the United States Government Accountability Office (GAO). All states have their own audit agencies, similar to but smaller than the GAO. In addition, CPA firms do considerable financial auditing of governmental units. For example, some states require that all city and school district financial statements be audited by CPA firms. The primary source of authoritative literature for doing government audits is Government Auditing Standards, which is issued by the GAO. Because of the color of the cover, it is usually referred to as the “Yellow Book” rather than by its more formal name. The initial Yellow Book standards were similar to the GAAS standards but have been expanded in subsequent revisions to provide guidance standards for performance audits. These standards are often called generally accepted government auditing standards (GAGAS). Financial auditing under the Yellow Book includes several categories of informa – tion to audit, including financial statements of governmental units, government contracts and grants, internal control, fraud, and other noncompliance with laws and regulations. Because governmental units are as concerned with compliance with laws and regulations as they are with the reliability of financial statements, these categories of information are broader than audits under auditing standards and encompass the types of attestation work outlined in Table 25-1 on page 797. The financial auditing standards of the Yellow Book are consistent with the 10 generally accepted auditing standards of the AICPA, and also contain extensive additional guidance, including the following additions and modifications:
• Materiality and significance. The Yellow Book recognizes that in government audits the thresholds of acceptable audit risk and materiality may be lower than in an audit of a commercial enterprise. This is because of the sensitivity of govern – ment activities and their public accountability
• Quality control. CPA firms and other organizations that audit government entities in compliance with the Yellow Book must have an appropriate system of internal quality control and participate in an external quality control review program. The latter requirement exists for some CPAs, but only as a require – ment for membership in the AICPA, and for the audit of public companies. Auditors involved in planning, performing, or reporting on audits under GAGAS must complete 80 hours of continuing professional education in each two-year period. At least 24 of these 80 hours of training must be in subjects related to the government environment and government auditing.
• Compliance auditing. The audit should be designed to provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a material and direct effect on the financial statements.
• Reporting. The audit report must state that the audit was made in accordance with generally accepted government auditing standards (GAGAS). In addition, the report on financial statements must describe the scope of the auditors’ tests of compliance with laws and regulations and internal controls and present the results of those tests or refer to a separate report that includes the information.
The Single Audit Act of 1984 provides for a single coordinated audit to meet the audit requirements of all federal agencies. Entities that receive more than $500,000 in federal funds are subject to a single audit even if more than one agency provided funds. The Single Audit Act applied only to audits of state and local governments, but it was ex – tended in 1990 to higher-education institutions and other not-for-profit organizations by the Office of Management and Budget (OMB) through the issuance of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Audit Requirements The Single Audit Act as amended and OMB Circular A-133 (hereafter referred to collectively as the Act) contain requirements for the scope of the audit, including:
• The audit should be in accordance with GAGAS.
• The auditor must obtain an understanding of internal control over federal pro – grams sufficient to support a low assessed level of control risk for major programs.
• The auditor should determine whether the client has complied with laws, regula tions, and the provisions of contracts or grant agreements that may have a direct and material effect on each of its major programs. A-133 Compliance Supplement identifies 14 compliance requirements along with suggested audit procedures that should be considered in every audit. In addition, it lists
specific requirements for individual federal programs. The following are examples of specific compliance objectives:
• Whether the amounts reported as expenditures were for allowable services.
• Whether the records show that those who received services or benefits were eligible to receive them. • Whether matching requirements (where the government unit matches federal funds), levels of effort, and earmarking limitations were met.
Reporting Requirements The following reports are required under OMB Circular A-133:
• An opinion on whether the financial statements are in accordance with GAAP.
• An opinion as to whether the schedule of federal awards is presented fairly in all material respects in relation to the financial statements as a whole.
• A report on internal control related to the financial statements and major programs.
• A report on compliance with laws, regulations, and the provisions of contracts or grant agreements, where noncompliance could have a material effect on the finan – cial statements. This report can be combined with the report on internal control.
• A schedule of findings and questioned costs.
Auditors doing government auditing often find it complex. The auditor must be familiar with both GAAS and a series of government audit documents, laws, and regulations. Thus, the first step in preparing for such an engagement is extensive professional development. Sources of AICPA guidance include:
• The audit guide Government Auditing Standards and Circular A-133 Audits
• AU 801, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance.
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Luxurious firm performs its expenditure cycle activities using its integrated ERP system as…
/in Uncategorized /by JosephLuxurious firm performs its expenditure cycle activities using its integrated ERP system as follows: • Employees in any department can enter purchase requests for items they note as being either out of stock or in small quantity. • Occasionally, special items are ordered that are not regularly kept as part of inventory, from a specialty supplier who will not be used for any regular purchases. In these cases, an accounts payable clerk creates a one-time supplier record. • Each day, employees in the purchasing department process all purchase requests from the prior day. To the extent possible, requests for items available from the same supplier are combined into one larger purchase order in order to obtain volume discounts. Purchasing agents use the Internet to compare prices in order to select suppliers. If an Internet search discovers a potential new supplier, the purchasing agent enters the relevant information in the system, thereby adding the supplier to the approved supplier list. Purchase orders above $10,000 must be approved by the purchasing department manager. Electronic Data Interchange is used to transmit purchase orders to most suppliers, but paper purchase orders are printed and mailed to suppliers who are not Electronic Data Interchange capable. • Receiving department employees have read-only access to outstanding purchase orders. Usually, they check the system to verify existence of a purchase order prior to accepting delivery, but sometimes during rush periods they unload trucks and place the items in a corner of the warehouse where they sit until there is time to use the system to retrieve the relevant purchase order. In such cases, if no purchase order is found, the receiving employee contacts the supplier to arrange for the goods to be returned. • Receiving department employees compare the quantity delivered to the quantity indicated on the purchase order. Whenever a discrepancy is greater than 5%, the receiving employee sends an email to the purchasing department manager. The receiving employee uses an online terminal to enter the quantity received before moving the material to the inventory stores department. Required: Identify weaknesses in Luxurious firm existing expenditure cycle procedures, explain the resulting problems, and suggest as solution.
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Mick is a resident taxpayer who is employed full-time as a lecturer at the University of… 1 answer below »
/in Uncategorized /by JosephMick is a resident taxpayer who is employed full-time as a lecturer at the University of Newcastle. In 2016 Mick became aware of an opportunity to purchase a large parcel of vacant land in the now defunct railway corridor in Newcastle West. With the opening of the University’s NewSpace building in the adjacent area, Mick sees potential for the building of a multi-story complex that will provide private, short-term student accommodation and a mix of retail and café spaces. On July 1, 2016 he borrowed $3,2000,000 from CBC Bank and acquired the land. Mick has commenced the process of gaining approval for the development however that process will not be complete until at least March 2018. The building project is not expected to commence until September 2018. Mick has not previously been involved in property development.
On 1 August 2016 Mick was approached by Bruno who owns a neighbouring earthmoving business regarding renting Mick’s vacant land as a site to store his earthmoving equipment. Mick agreed to rent the land to Bruno for a period of two years for $175 per week. During the 2017 taxation year annual interest, council rates and insurance in respect of the land amounted to $335,000. Mick also paid $29,000 to a firm of architects to develop some preliminary plans for the proposed building. Receipts from Bruno for use of the land amounted to $8,400.
Required
In the form of a professional correspondence (not exceeding 500 words) advise Mick which payments relating to the land (if any) are allowable as an income tax deduction for the year ended 30 June 2017. Refer to case law, income tax rulings and sections of the Income Tax Assessment Acts.
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In 2003 a firm began downsizing in order to reduce its costs. One of the results of these cost… 1 answer below »
/in Uncategorized /by JosephIn 2003 a firm began downsizing in order to reduce its costs. One of the results of these cost cutting measures has been a decline in the percentage of private industry jobs that are managerial. The following data show the percentage of females who are managers from 2003 to 2010.
Years
2003
2004
2005
2006
2007
2008
2009
2010
Percentage
6.7
5.3
4.3
6.1
5.6
7.9
5.8
6.1
(a) Develop a linear trend for this time series.
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Analyse the attached case study on “Guest Satisfaction and Loyalty with Great Wi-Fi for Luxury… 1 answer below »
/in Uncategorized /by JosephStudents are required to analyse the attached case study on “Guest Satisfaction and Loyalty with
Great Wi-Fi for Luxury Hotel in Greece”, to complete the assignment. It is to note that this
assignment consists of two parts a) Assignment 1a and b) Assignment 1b.
Assignment 1a
1. Project Scope and report requirements
The project scope and requirement should have a detail explanation of the planning and designing of
(both wired and wreless) network. It is recommended that bullet points are included whenever
necessary.
The following is the scope for Assignment 1a.
? Include points that you have gathered from the case study on their existing network.
? Discuss in a tabular form how the information obtained will be useful in designing the
network.
? Discuss the approach you will be taking (include bullet points whenever necessary) to
redesign the network both with wired and wireless connectivity .
Assignment 1b
The following is the scope for Assignment 1b.
2. Response to assignment 1a
? It is mandatory that students should demonstrate how they have incorporated the
feedback given in assignment 1a. You may use a tabular form whenever necessary.
3. Network design and justification
? Draw a network design that you think will be useful in the future for the industry that you
have visited. Network should include the following requirements as a minimum:
o 5 routers
o 7 switches
o 15 PCs
o 4 VLANs.
? Suitable IP addressing scheme in tabular form (assume as many hosts as necessary for each
department).
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