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 doesnít 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. Donít 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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