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Audit Name:
Fiscal Year:
Contractor:
REVIEW ITEMS:
GENERAL
Audit Number:
Contract Number:
Contract Monitor:
1.
Review the statement of work within the contract to determine which types of audit reports and opinions are to be provided (audited financial statements,
Government Auditing Standards (Yellow Book reports), State-Funded Student
Financial Aid, etc).
2.
Read the signed engagement letter(s).
3.
Read the current year draft financial statements and prior year audited financial statements to determine what type of information (Supplementary Information,
Required Supplementary Information, Other Accompanying Information etc.) is being reported.
4.
Read the current and prior year financial statements to determine if there are any component units included in the report.
5.
For audits conducted in accordance with Government Auditing Standards , review Chapter 4: Reporting Standards for Financial Audits contained in
Government Auditing Standards (July 2011 revision).
6.
For audits conducted in accordance with Government Auditing Standards , review the AICPA Audit and Accounting Guide for Government Auditing
Standards and Circular A-133 Audits – Chapter 4: Auditor Reporting
Requirements and Other Communication Considerations of Government
Auditing Standards .
7.
Review the AICPA Audit and Accounting Guide for State and Local
Governments – Chapter 14: Audit Reporting; including paragraph A-1 of
Appendix A.
Notes -
NOTED

or N/A
INITIALS
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REVIEW ITEMS:
INDEPENDENT AUDITOR’S REPORT ON BASIC FINANCIAL
STATEMENTS
8.
Read the prior year audit opinion.
9.
Read the current year draft audit opinion. Ensure the report contains all of the required elements. (based on Chapter 4 of the AICPA Audit and Accounting
Guide for Government Auditing Standards and Circular A-133 Audits)
10.
Determine if there any scope limitations that could result in a qualified opinion or disclaimer of opinion.
11.
Determine if there are any departures from GAAP that could result in a qualified opinion or an adverse opinion.
12.
Determine whether there were any departures from Government Auditing
Standards .
13.
Determine whether part of the audit was performed by another auditor.
14.
Determine whether prior-year financial information was presented.
Notes –
15.
Based on the factors above, select the illustrative audit report as found in
Appendix A of the AICPA Audit Guide for State and Local Governments
Chapter 14 – Appendix A.
16.
Compare the draft audit opinion with the applicable illustrative guidance selected in step 15 to ensure all the elements of the illustrative guidance is captured, as appropriate. Compare draft opinion with the Auditor’s Opinion
Template.
17.
For explanatory or other paragraphs, cross-reference any figures or dollar amounts to the financial statements and notes.
18.
Review the date of the audit opinion and ensure it corresponds with the last day of field work.
19.
For final reports, ensure the report is addressed to the Members of the
Legislative Audit Committee and is signed by the auditor.
NOTED

or N/A
INITIALS
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Notes –
REVIEW ITEMS:
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER
MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED INACCORDANCE WITH GOVERNMENT AUDITING
STANDARDS
20.
Read the prior year audit report.
NOTED

or N/A
21.
Read the current year draft audit report. Ensure the report contains all of the required elements including (based on Chapter 4, of the AICPA Audit and
Accounting Guide for Government Auditing Standards and Circular A-133
Audits)
22.
If a material part of the reporting entity (such as a component unit or fund) is not required to undergo an audit in accordance with Government Auditing
Standards, the scope paragraph of the audit report should be modified to disclose that fact and identify the segment of the reporting entity.
23.
Based on whether material weaknesses, significant deficiencies, or reportable instances of noncompliance were identified, select the illustrative audit report as found in Appendix A: Illustrative Auditor’s Reports under Government
Auditing Standards of the AICPA Audit and Accounting Guide for
Government Auditing Standards and Circular A-133 Audits Chapter 4.
24.
Compare the draft auditor’s Report on Internal Control with the applicable illustrative guidance selected in step 23 to ensure all the elements of the illustrative guidance is captured, as appropriate. Compare draft opinion with the Auditor’s Report on Internal Control Template.
25.
For final reports, ensure the report is addressed to the Members of the
Legislative Audit Committee and is signed by the auditor.
INITIALS
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REVIEW ITEMS:
INDEPENDENT AUDITOR’S REPORT ON THE STATEMENT OF
APPROPRIATIONS, EXPENDITURES, TRANSFERS AND REVERSIONS
OF THE STATE-FUNDED STUDENT ASSISTANCE PROGRAMS
26.
Read the prior year audit report.
27.
Compare the draft opinion letter to the Deputy-approved template available on the Intranet.
28.
For explanatory or other paragraphs, cross-reference any figures or dollar amounts to the financial statements and notes.
29.
For the final report, review the date of the audit opinion and ensure it corresponds with the last day of field work.
30.
For the final report, ensure the report is addressed to the Members of the
Legislative Audit Committee and is signed by the auditor.
Other items noted –
CONCLUSION
The audit report(s) were complete and appropriately reviewed, and was found to be in compliance with Government Auditing Standards .
Date of Audit Report Review:
NOTED

or N/A
INITIALS
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