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What to Expect When You’re Expecting…a CPB Audit

What to Expect When You’re Expecting…a CPB Audit. By Mary Lewis. What to know…. General Provisions and Eligibility Criteria for both TV & Radio Certification Requirements for Station Grants Recipients. Audit Letter. Confirms Audit Objectives Introduces auditor Outlines the scope of work

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What to Expect When You’re Expecting…a CPB Audit

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  1. What to Expect When You’re Expecting…a CPB Audit By Mary Lewis

  2. What to know…. • General Provisions and Eligibility Criteria for both TV & Radio • Certification Requirements for Station Grants Recipients

  3. Audit Letter • Confirms Audit • Objectives • Introduces auditor • Outlines the scope of work • Requests initial information available upon arrival

  4. Discreet Accounting • All revenue received from CPB in one account • All expenses paid using CPB grant money located in one report • Ability to print immediate reports showing above

  5. Audit Procedures • Audit Procedures for Reporting NFFS • Gaining an Understanding of Internal Controls • Fraud Risk Questionnaire

  6. The Financial Report Map • AFR • Annual Audited Financial Statement • Trial Balance • General Ledger Accounts • (map)

  7. General Ledger Accounts • All accounts that relate to any number that is used to calculate your NFFS dollars • All revenue accounts • All expense accounts that were paid by CSG funds • All in-kind donation accounts that were reported as NFFS

  8. Revenue Accounts You will need to provide: • Original Contract with signatures • Invoicing work order • Invoice • Copy of check or form of payment received • Deposit form • Bank statement showing deposit of funds

  9. Expense Accounts You will need to provide: • Invoice/bill • Purchase order or proof of authorized purchase • Copy of check or form of payment • Bank statement showing check cleared

  10. Annual Dues/Fees • Letters from PBS, NPR, American Public Media, etc. stating your annual dues/fees • Service Contracts • Rent/Lease Contracts • All Vendor Contracts

  11. Independent Accountant • Obtaining audit work papers • Attestation Function

  12. Policies/Procedures • Policies & Procedures Manual • Employee Handbook • Corporate Policies • Board of Directors By-Laws

  13. Communications Act • Open Meetings • Open Financial Records • CAB • Equal Employment Opportunity • Donor List/Political Activities

  14. Time Sensative • Divisions of Audit • Time Frames • Preliminary Observations

  15. Correspondence • Notification Letter • Draft Audit • Determination Letter • Required Actions

  16. Questions?

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