Fiduciary Responsibilities课件.ppt

Fiduciary Responsibilities April 24, 2007 精品文档 Biography Jim Kennedy, CPA, CISA Chief Auditor – State Region; Auditor of State Audit responsibilities for state agency and state university engagements; oversee the AOS information technology group 23 years of experience in state government Cindy Klatt, CPA Assistant Chief Auditor – State Region; AOS 20 years of experience in state government 精品文档 Overview of Presentation Auditor of State role in state universities and community colleges Principles of Governance Role of Auditors Common issues found in state university and community college audit reports 精品文档 Fiduciary Responsibilities Auditor of State role in state universities and community colleges Charged with performing the audits or overseeing the selection of independent public accountants (IPAs) IPA contracts are typically for a five year period The same IPA firm may be selected for two consecutive contracts 精品文档 Fiduciary Responsibilities Auditor of State role in state universities and community colleges The Auditor of State has a Quality Assurance group which reviews the audit reports and performs periodic reviews of IPA working papers IPA audits are to be completed within six months Fiscal watch provisions Ohio Revised Code Section 3345.72 精品文档 Fiduciary Responsibilities Principles of Governance Setting Direction Policies to guide an organization Strategic goals with limited resources Instilling Ethics and Integrity Ethical values Tone at the top 精品文档 Fiduciary Responsibilities Principles of Governance 3. Overseeing Results Policies are implemented as intended Overall performance within laws and regulations 4. Accountability Financial reporting Performance reporting 精品文档 Fiduciary Responsibilities Principles of Governance 5. Correcting Course When problems are detected; identify cause Determine corrective action and follow up 6. Transparency Openness of actions and information Erosion of public trust is a slippery slope 精品文档 Fiduciary