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DOI Plenary A123 Norris

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   A U D I T / T A X / A D V I S O R Y / L I N E O F B U S I N E S S DOI Annual Business Conference Audit Approach to OMB Circular No. A-123  2 Agenda ã  Auditors’ objective ã Consolidated level procedures ã Bureau level procedures ã  Assurance statement procedures  3 Auditors’ Objective   ã Test for compliance with Federal Managers’ Financial Integrity Act (FMFIA) of 1982  – OMB Circular No. A-123, Appendix A provides guidance for the internal control over financial reporting of FFMIA ã Utilize managements’ documentation to assist in understanding financial reporting processes ã Consider internal control test results  4 Consolidated Level Procedures ã Gain an understanding of managements’ process   ã Verify establishment of senior assessment team  , its authority, and members ã Verify appropriateness of significant financial reports   selected ã  Assess reasonableness of   materiality assessments   for each significant financial report ã Verify significant accounts, major transaction cycles, and the relevant financial report assertions are identified and included  – For each significant financial report
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