9 responses to findings and recommendations
F1
The Consultant performed audits for GDPUD from 1981 through 1995 in addition to certain accounting functions with GDPUD management knowledge and approval.
Response: Unknown
Score: 0
F1. The Consultant performed audits for GDPUD from 1981 through 1995 in addition to certain accounting functions with GDPUD management knowledge and approval. 12
R1
An independent audit firm should conduct the annual audit.
Response: Unknown
Score: 0
R1. An independent audit firm should conduct the annual audit.
F2
Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS) do not allow a self-audit. Government Auditing Standards (Yellow 5 Book) do allow self-audits under certain conditions. The Yellow Book was revised in January 2003 to disallow a self-audit and any appearance of same.
Response: Unknown
Score: 0
F2. Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS) do not allow a self-audit. Government Auditing Standards (Yellow Book) do allow self-audits under certain conditions. The Yellow Book was revised in January 2003 to disallow a self-audit and any appearance of same.
R2
Proper letters of engagement and management representation should be prepared for the audit.
Response: Unknown
Score: 0
R2. Proper letters of engagement and management representation should be prepared for the audit.
F3
It appears no Management Representation Letter was presented to the auditor for the fiscal year ending June 30, 2000.
Response: Unknown
Score: 0
F3. It appears no Management Representation Letter was presented to the auditor for the fiscal year ending June 30, 2000.
R3
Board Members and the General Manager should not allow a self-audit or the appearance of a self-audit.
Response: Unknown
Score: 0
r 3.16f, Note 3) does allow a self-audit under the following condition: “An individual performs a substantial part of the accounting process or cycle, such as analyzing, journalizing, posting, preparing, adjusting and closing entries, and preparing the financial statements and later the same individual performs and audit. In instances in which the auditor acts as the main processor for transactions initiated by the audited entity, but the audited entity acknowledges responsibility for the financial records and financial statements, the independence of the auditor is not necessarily impaired.” ...
F4
The General Manager signed a Management Representation Letter for the fiscal year ending June 30, 2002 covering a period of time prior to his employment.
Response: Unknown
Score: 0
F4. The General Manager signed a Management Representation Letter for the fiscal year ending June 30, 2002 covering a period of time prior to his employment.
R4
GDPUD should enter into contracting services with a clear statement and understanding by all parties of work to be done. Responses Required for Findings
Response: Unknown
Score: 0
R4. GDPUD should enter into contracting services with a clear statement and understanding by all parties of work to be done. Responses Required for Findings
F5
The Consultant did not have a written contract for accounting services until 2001. There were Letters of Engagement only for the auditing functions signed by the General Manager.
Response: Unknown
Score: 0
F5. The Consultant did not have a written contract for accounting services until 2001. There were Letters of Engagement only for the auditing functions signed by the General Manager. Recommendations No Board of Supervisors response required.
