2011 Updated Auditors Request List by P068jl

VIEWS: 4 PAGES: 16

									PLEASE NOTE THIS LIST IS NOT ALL-INCLUSIVE OF THE ITEMS THAT WILL BE REQUESTED BY THE AUDITORS;
All Items should be completed for an audit engagement if applicable                                                                                                       Items Requested for
                          Revised for 2011 Engagements                                                                                                                       Other Types of
                      List of information needed by Auditors                                                                 Purpose of Information                       FDMR         APR

   1    Documentation supporting foundations that will be reported as             GASB 39 requirements for presentation                                                     X           X
        component units within the CAFR. Also, for foundations that are
        included we will need financial statements converted to GASB format
        and pertinent note disclosures per instructions.
        Also, please provide us with contact information for auditor's who
        prepared Foundations financial statements.
   2    Copies of all Internal Audit Reports from Regents' Internal audit staff   For auditor's review to determine if other auditor's work can be utilized                 X
        and the school's internal audit staff
   3    Copies of any external audit reports                                      For auditor's review to determine if other auditor's work can be utilized                 X
   4    Paid Invoice related to Surety Bond Coverage                              GASB note disclosure
   5    Documentation related to any contingent liabilities, subsequent events,   GASB note disclosure                                                                      X
        fraud, irregularities or illegal acts.
   6    Listing of all depositories, including banks from which temporary         GASB note disclosure and auditors' analytical work
        investments were purchased.
   7    Summary Schedule of cash balances at June 30th by fund and                GASB note disclosure and cash testing procedures                                          X           X
        depository.
   8    Collateralization Inquiry Forms                                           GASB note disclosure                                                                      X
   9    Bank Statements, Bank Reconcilations, Outstanding Check Lists,            For auditors testing and analytical procedures for cash verification                      X           X
        Deposits in Transit, etc for June for all accounts
   10   Procedures and listing of all NSF checks. Also include policy for         For auditors testing and analytical procedures for cash verification
        returning unclaimed property to State Treasury.
   11   Listing of Petty Cash @ 6/30 and documentation of petty cash counts       For auditors testing and analytical procedures for cash verification
        for all material balances
   12   Listing of all investment activity by fund during the year showing        For auditors testing and analytical procedures for investment verification
        beginning balances, purchases, redemptions, and ending balances

   13   Investment and Registration Inquiry Forms                                 GASB note disclosure
   14   Documentation of Fair Market Value of Investments at 6/30.                GASB note disclosure and GAAP presentation
   15   Provide copies of Investment Portfolio accounts or other statements of    For auditors testing and analytical procedures for investment verification
        account for investments held by trustee
   16   Provided documentation for any investments that are valued at             GASB note disclosure and GAAP presentation
        Amortized Cost instead of fair value in accordance with GASB 31
        paragraph 9
   17   Copies of any repurchase agreements or reverse repurchase                 GASB note disclosure
        agreements.
   18   Listing of any derivatives held during the year under review              GASB note disclosure
   19   Documentation for any securities lending transactions.                    GASB note disclosure
   20   Listing of Inventories @ 6/30. (Supply and Resale inventories)            GASB note disclosure and auditors' tests verifying validity of balance sheet accounts     X           X
   21   Documentation for physical inventory counts @ year end.                   Auditors' testing verification procedures for evidential matter
   22   Have available purchases and sales information (adjusted for mark-up)     Auditors' testing verification procedures for evidential matter
        for auditor's reasonableness test on inventories for resale.

   23   Quarterly or monthly computation supporting supply inventory reserve      Budget basis information for reserves                                                     X
        at 6/30
   24   Listing of accounts receivable @ 6/30 by fund and individual              Auditors' testing verification procedures for validity of account balances                X           X
        subsystem.
   25   Documentation for Scholarship Discounts and Allowances reflected in       GAAP entry                                                                                X           X
        the Institution's Financial Statements.
   26   Fee Wavier supporting documentation                                       Information to support accuracy of Scholarship Discount and Allowance computation
   27   Aging Analysis of Accounts Receivable                                     Testing validity of outstanding accounts receivable



                                                                                                                1
                        Revised for 2011 Engagements
                    List of information needed by Auditors                                                                    Purpose of Information                                      FDMR   APR
28   Detailed Information on Accounts Receivable that were written off            For testing of compliance with State Law                                                                 X      X
     during the year.
29   Listing of Uncollectible Accounts Receivable. These should support the       Testing for appropriate allowance for doubtful accounts entry                                            X      X
     balance reported in the Allowance for Doubtful Accounts.

30   Listing of Student Notes Receivable @ 6/30 and supporting                    Testing validity of outstanding student notes receivable                                                 X      X
     documentation.
31   Listing of Uncollectible Student Notes Receivable at 6/30                    Testing for appropriateness of uncollectible student's receivable
32   Ability to obtain detail of all revenues transactions for the year for       Audit testing of account balance to support conclusion on financial statements
     sample if necessary
33   Capital Ledger                                                               Capital asset testing by auditors                                                                        X      X
34   Capital Asset Listing @ 6/30 (Detailed listings by type of asset as          GASB note disclosures and for auditors tests of account balances                                         X      X
     requested by auditor)
35   Library Depreciation Schedule                                                GAAP entry and note disclosures
36   Supporting Documentation for Construction in Progress. Per Regents           GAAP entry and note disclosures                                                                          X      X
     instructions, New Construction projects are to be added to Capital
     Assets when "certified for occupancy". For MRRF projects, starting in
     fiscal year ending June 30, 2004 projects that cross over years are to
     be carried as Construction in Progress until project is complete.

37   Listing of Current Year Capital Asset additions, deletions, and              Auditors' testing of activity and note disclosure                                                        X      X
     retirements
38   Detail of Current Year Depreciation Expense                                  GAAP entry and auditors tests for accuracy of calculation
39   GSFIC project information for projects completed and transferred during      GAAP entry                                                                                               X      X
     year under review. (See #36 above)
40   Listing of operating leases and lease activity that comprises information    GASB note disclosures
     used for note disclosure
41   Listing of capital leases and lease activity including beginning balances,   GASB note disclosures and GAAP entries
     additions, deductions and ending balances. Short and long term debt
     portions.
42   Reconcilation of Salaries and Travel from Continuous Audit Web-Portal        Auditor's supplemental schedules in report and used for verification of expense account accuracy         X      X
     Submissions to SRECNA and general ledger activity
43   Plant Suspense Budget and CY Activity                                        For auditor's tests of accuracy of allocation of plant charges
44   List of Outstanding P.O.'s/Encumbrances (aged by year created)               Budget basis procedures to determine validity of encumbrances and affects on surplus                     X      X
45   Provide a detail of prior year encumbrances and accounts payable             Needed by auditors for Budget basis analysis.
     activity, including cancellations, write-offs and reissues.
46   List of Contracts Payable and Retainages Payable                             GAAP entry                                                                                               X      X
47   List of Unrecorded Construction Commitments. This would normally be          Needed for required note disclosure for significant commitments
     construction contract balances that have not been earned at year-end
     and have not been recorded as Contracts or Retainages Payable.
     These amounts are probably encumbered.

48   Ability to obtain detail of all expense transactions for the year if         Audit testing of account balance to support conclusion on financial statements
     requested by auditor to perform sampling procedures
49   Copy of P card procedures and a listing of authorized users along with       Needed for auditors testing on P card expenditures                                                       X
     their authorized spending limits
50   List of Unearned Tuition and Fees. (If a portion of this deferred balance    For auditor's verification of deferred revenue reported on financial statements. The portion for fall
     relates to fall registration and is supported by an Accounts Receivable      registration may have to be removed with GAAP entry if supported by a receivable.
     instead of cash actually received, this amount needs to be identified
     separately by the school)
51   Earnings History and Compensation Summary for College/University             Significant salary item testing                                                                          X
     President
52   Employer and Employee's Contributions for ERS, TRS, Regent's                 Used to Verify accuracy of school's required note disclosure                                             X      X
     Retirement Plan, Georgia Defined Contribution Plan, Executive
     Deferred Compensation Plan


                                                                                                                    2
                        Revised for 2011 Engagements
                    List of information needed by Auditors                                                                     Purpose of Information                                               FDMR   APR
53   Documentation for all post employment benefits paid by the institution        Used to Verify accuracy of school's required note disclosure                                                      X
     (Life Insurance and Health Insurance) including amounts and number of
     individuals
54   Documentation for any OnBehalf Payments for salaries and fringe               Used to Verify accuracy of school's required note disclosure
     benefits
55   Detail of Health and Dental contributions by source (employer,                For GAAP elimination entries that Audit Department makes for CAFR purposes
     employees, retirees, cobra)
56   Listing of Salaries Payable by fund                                           For auditor to determine validity of balance sheet account to support opinion on financial statements             X      X

57   Listing of Payroll Withholdings and Accrued Employer costs                    For auditor to determine validity of balance sheet account to support opinion on financial statements             X      X

58   Compensated Absences Listing including Beg. Balances, Earned, Used            GASB note disclosure and GAAP entry                                                                               X
     and Ending Balances
59   Listing of Compensatory Leave, if applicable                                  Auditors verification                                                                                             X      X
60   Ability to provide detailed listing of salaries if requested by auditor for   For audits, this may be needed to perform sample of salaries for evidential matter
     sampling purposes
61   Documentation for any Fund Balance Reserves, Designations, etc.               Budget Basis reserves for BCR reporting                                                                           X      X

62   Documentation for PY refund to Regents for Surplus                            Budget Basis reporting                                                                                            X      X
63   Documentation for mandatory transfers from Restricted Fund to                 Budget Basis reporting
     Endowments
64   Restricted fund activity on a project by project basis. This should           Needed for analysis of project activity to verify that project activity is charged properly and preparation of
     include beginning balance (by project), additions and deductions (by          Schedule of Federal Financial Assistance
     project) and ending balance (by project).
65   Detail of activity for Loan and Endowment Funds (Beginning Balance,           Needed for auditors to test activity by project and make appropriate disclosures
     additions, deductions, ending balance) Also identify endowments by
     Regular, Term, or Quasi Endowment
66   List of all Inter-University or Inter-Agency Transactions.                    GAAP elimination entries
67   Detail of Cash Receipts and Cash Disbursements for Agency Funds               For analysis of agency fund activity to validate accuracy of accounts

68   Hope Scholarship Reconcilation                                                Testing of Hope fund receipts and disbursements                                                                   X      X
69   Schedule of Federal Financial Assistance. Contract overhead activity          Required for Statewide Single Audit reporting                                                                     X      X
     is normally considered a cost of the Federal Grant and should be
     included as expenses for the Federal project on the Schedule of
     Federal Financial Assistance.
70   If any school(s) did not properly close the general ledger at 6/30/PY and     Required to reconcile current year beginning balances to prior year ending balances.
     the balances that rolled forward to the current fiscal year were different
     from the numbers that the auditors used to pull prior year end financial
     activity, the school is responsible for reconciling any differences and
     should provide this to the auditors at the beginning of the engagement.

73   Expenditures Details for July and August excluding payroll                    Subsequent Period Auditor Analysis
74   Listing of Accrued Payroll                                                    For auditor to determine validity of balance sheet account to support opinion on financial statements             X      X

75   Year End Journal Entry Log and Journal Entries                                Auditor Testing                                                                                                   X      X
76   Documentation of New Agency Accounts                                          Auditor Testing
77   Supporting Documentation related to the Schedule of Federal                   Statewide Single Audit Testing                                                                                    X      X
     Expenditure of Awards
78   Budget Basis Financial Statements Worksheets and all supporting               Budgetary Compliance Reporting                                                                                    X      X
     documentation including queries and journal entries
79   All internal control documentation including but not limited to               For auditor testing and planning of engagement
     questionnaires, policies, procedures, risk assessments, monitoring, etc.




                                                                                                                  3
                         Revised for 2011 Engagements
                     List of information needed by Auditors                                                                    Purpose of Information                                     FDMR   APR
80    Annual Financial Report including all reconciliation schedules and          For Auditor Testing and engagement                                                                       X      X
      supporting documentation including cash and investment reconciliations

81    Detailed Listing of Any Balance Sheet Items reflected on the AFR not        For auditor to determine validity of balance sheet account to support opinion on financial statements    X      X
      previously mentioned
82    Documentation to Support any ususual situations, special items or           For auditor determine accuracy of financial statement presentation                                       X
      extraordinary items reflected on the AFR
83    Reconciliation of SEFA expense reported to the SRECNA                       Statewide Single Audit Testing                                                                           X      X
84    Status of Prior Year Findings - Summary of Prior Year Finding               Statewide Single Audit Testing                                                                           X      X
      Schedule
86    Documentation to support any note disclosures presented within the          GASB note disclosure                                                                                     X      X
      AFR that have not been previously mentioned
87    Documentation to support any manual adjustments made to the AFR             Auditor Testing for completeness                                                                         X
      not reflected on the accounting records
88    Documentation for all lease classification determinations - Operating vs.   For Auditor testing and GASB Note Disclosures
      Capital
89    Documentation for June 30th payroll estimates and subsequent period         For auditor testing of salaries, benefits, etc.
      analysis.
90    Year Under Review Tuition and Fee Schedules                                 For auditor testing of tuition and fee revenues.
91    BANNER Detail for selected students tuition and fee transactions            For auditor testing of tuition and fee revenues.

92    Detail of job duties and responsibilities. PeopleSoft access rights and     Segregation of Duties Testing
      roles.
93    GASB 49 Analysis                                                            GASB Note Disclosures
94    Entity Prepared Risk Assessment                                             For planning and analysis of internal controls, monitoring , etc.
95    Quarterly reconciliations between subsidiary modules and the general        For Audit planning and testing during the engagement.                                                    X      X
      ledger (BANNER, A/P, PO, Asset Management, etc.
 96   List of Employees (For Entire Year)                                         Logical Access & Segregation of Duties Testing
 97   BANNER Password Policies (Use Form GSASECR)                                 Logical Access Testing
 98   List of Changes & Updates to BANNER System (Entire Year)                    Change Management Testing
 99   Back Up Policies / Disaster Recovery Plan                                   IT Operations Testing
100   Issue/Problem Resolution Policy                                             IT Operations Testing
101   Documentation of implementation of firewall and virus software              Logical Access Testing
      (typically a screenshot will suffice or allowing the auditor to view the
      software on a server/computer).
102   Auditor will request a physical walk-through of the data center             IT Operations Testing




                                                                                                                  4
5
6
7
8
9
10
11
12
13
14
15
16

								
To top