Finding Value in Your Audit - PowerPoint PPT Presentation

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Finding Value in Your Audit
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Finding Value in Your Audit

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  1. Finding Value in Your Audit Oregon Fire District Directors Assoc. Conference November, 2013

  2. Overview • What an audit is • What an audit isn’t • Is there value? • Maximizing the process

  3. What is an Audit? • Different types • Financial audit • Opinion • Risk-based • Controls

  4. Compliance • Generally Accepted Auditing Standards • Government auditing Standards • A-133

  5. What an Audit Is Not… • Guarantee • Absolute assurance • 100% testing • Fraud considerations

  6. Is There Value? • Definition of value… • Beyond compliance • Resource • Communication • Perspective

  7. Maximizing the Process • Selection • Communication • Preparation and follow through • Oversight

  8. Selection • Request for proposals • Criteria • Due diligence

  9. Communication • Expectations • Concerns • Avoid surprises

  10. Board Oversight • Be involved • Element of internal control • Communication

  11. Contact Information Rob Moody, Partner 503.274.2849 rmoody@tkw.com