Falmouth Institute - Audit Preparation for Tribes and Tribal Organizations

This class is not currently scheduled.

Audit Preparation for Tribes and
Tribal Organizations

Tribes that receive federal funds are required to undergo a rigorous and expensive form of governmental oversight known as the Single Audit. It can be a dismaying experience for any organization, but it doesn’t have to be with the proper preparation. In this class you'll learn how your organization can prepare for the next audit by complying with all aspects of the law.

This class will help your tribal organization understand and comply with the law, organize an RFP, control costs, implement internal controls, assess future risk and respond to preliminary findings and opinions. Our instructor will guide you through all the aspects of the audit, from preparing your organization and working with the auditor to deciphering audit findings and opinions and avoiding sanctions. Don’t miss this opportunity. Take what you learn back to the office for immediate implementation!

"The instructor was great. I feel better prepared and ready for the audit." -- Tribal Finance Manager

T O P I C S I N C L U D E

Reading the Audit

Single Audit Act — OMB Super Circular

Why a single audit?
When should we audit?
Who does it go to?
Preparing for and understanding the audit
Audit follow-up
Report submission and release

Tribal Reporting Environment

Regulatory reporting
Auditing
Audit opinions
Associations serving government accountants
Government Accountability Office’s new Government Auditing Standards — the “Yellow Book”
The “Yellow Book’s” impact on auditors

Internal Controls

Integration with accounting
Consequences of poor controls
Conducting a pre-audit review
Common findings

Selecting an Audit Firm

What to include in your RFP
Evaluation criteria
Cost vs. experience
The role of the council

Audit Management — Working with Your Auditor

Controlling costs
Organization
Preparing schedules
Resources
AICPA risk assessment statements

Internal Audit

Function of the internal audit

OMB Super Circular

Control objectives
Control environment
Risk assessment
Control activities
Information and communications
Monitoring

Opinions — What They Mean

Unmodified
Modifiied
No opinion
Adverse opinion

Saving on Audit Fees

What you need to do in advance
Schedules
Preparing adjusted entries
Locating documentation quickly
Confirmation letters

Handling the Exit Interview

Presentation of preliminary findings and opinions
Preparing a written response indicating agreement or disagreement
Auditor’s response
Resolving audit findings

Drafting a Corrective Action Plan

*Topics subject to change.

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