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Wiley Federal Government Auditing: Laws, Regulations, Standards, Practices, and Sarbanes-Oxley, 2nd Edition

by Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

July 2013

Intermediate to advanced

432 pages

13h 3m

English

Wiley

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Cover
Contents
Title
Copyright
Preface
Part I: Background of Federal Auditing
Chapter 1: Background of Federal Auditing
Auditing and GovernmentAuditing the Federal Government: Definition and ScopeFederal Auditing: Who Sets the Standards?Types of Governmental AuditsOrganization of the Book
Chapter 2: Federal Audit Criteria
The Constitution: “The Power of the Purse”Anti-Deficiency Act: Cannot Spend More Than Congress ProvidesBudget and Accounting Act of 1921Budget and Accounting Procedures Act of 1950: Strengthened Federal Financial PracticesSupplemental Appropriations Act of 1951: Define the Legal Form for Federal ObligationsImpoundment Control Act of 1974: Congressional Budget Office, New Fiscal Year, and MoreInspector General Act of 1978Federal Managers’ Financial Integrity Act of 1982Single Audit Act of 1984: One Audit, Once A Year, by One AuditorFederal Credit Reform Act of 1990: Full Cost of Loans and Loan Guarantees Must Be BudgetedChief Financial Officers Act of 1990: Uniform Reporting, Agency CFOS, Annual Financial Statements, Independent AuditsGovernment Performance and Results Act of 1993, Amended in 2010Federal Financial Management Improvement Act of 1996Accountability for Tax Dollars Act of 2002Improper Payment Information Act of 2002, Amended in 2010 and 2012Department of Homeland Security Financial Accountability Act of 2004Federal Funding Accountability and Transparency Act of 2006
Chapter 3: Selected Issues in Federal Financial and Internal Control Reporting
Federal Financial StatementsAn Emphasis on Internal Control Over Financial ReportingInternal Controls: Reporting by Federal AgenciesAssessing Internal Control Over Financial ReportingOMB Internal Control DeficienciesGao’s Government Auditing Standards: No Audit of Internal Controls Over Financial ReportingEmerging Issues
Part II: Federal Budgeting, Accounting, and Financial Statements

Chapter 4: Accounting in the Federal Government
The Federal Budget ProcessBudget CyclePPBS, ZBB, and MBO Budget ConceptsFederal Accounting: Process, Definitions, Transactions, Life CycleNature of Congressional AllocationsNature of An OMB ApportionmentNature of Federal Entity AllotmentsNature of Federal AllowancesNature of Federal ObligationsProprietary Accounting
Chapter 5: Federal Financial Statements
Introduction to Federal Financial StatementsHistorical Emphasis of Federal Financial ReportingHierarchy of Accounting Principles for Federal EntitiesFederal Government’s Accounting HierarchyFederal Reporting EntityReporting by Departments, Agencies, and the Government as A WholeFederal Financial StatementsGovernment-Wide Financial Statements
Part III: Auditing in the Federal Government
Chapter 6: Evolving Guidance
2006 StandardsRecent Developments in Federal Guidance
Chapter 7: The Federal Audit Model
Audit Checklists and ModelsFederal Audit ModelPhases of Federal AuditsGovernment Auditing Standards: Not Stand-Alone StandardsManagement’s AssertionsAudit Tests, Procedures, and ActivitiesAudit EvidenceSamplingMaterialityDiscreditable Acts
Chapter 8: Planning the Audit
Planning to Fill the Knowledge GapsPlanning Phase: Do it Early, Do it ContinuouslyAudit Models, Audit Checklists: No Substitutes for JudgmentUnderstand the Federal Auditee: Each is UniqueAudit Techniques and Sources of Information: How to Achieve an Understanding of the AgencyPut the Understanding to Use: Develop the Initial Audit ApproachAudit Team Meetings: What Do We Think?Documenting the Planning Phase: Developing the Account Risk Analysis and the Audit Strategy/Audit PlanDocument the Planning Phase: Gantt Chart the Audit ApproachSpecific Control Evaluation WorksheetAccount Risk Analysis Form
Chapter 9: Documenting Internal Controls
Internal Controls, Definitions, and RequirementsInternal Controls, A Historical PerspectiveFederal Standard SettersSelected Federal GuidanceInternal Control Evaluation RequirementsDocumenting Internal ControlsCompleting and Documenting the Auditor’s Understanding of Internal Controls
Chapter 10: Assessing and Evaluating Control Risks
Assess Control RisksAssess Account-Level RiskDevelop Auditing ProceduresFinalize and Document the Audit Approach
Chapter 11: Test of Controls, Transactions, and Accounts
Types of TestsTesting Internal ControlsHow to Test ControlsWalk-Throughs and Tests of ControlTests of Controls are not Effective Tests for Transaction AccuracyControls to Test and HowSubstantive TestsAudit SamplingSampling ConsiderationsInformation Technology ConsiderationsOutsourcing Accounting and Data Services
Chapter 12: End-of-Audit, Quality Control, and Reporting Procedures
Obtain Management and Legal Representation LettersFinal Critique of Audit Plan, Programs, and ProceduresAudit Quality Control Review and ValidationIssuing the Independent Auditor’s ReportsIllustrative Independent Auditor’s ReportIllustrative Independent Auditor’s Report on Internal Control and Compliance and Other MattersIllustrative Independent Auditor’s Report on Special-Purpose Financial Statements
Part IV: Nature of Selected Federal Audits
Chapter 13: Auditing and Evaluating Federal IT Systems
Understanding the Need for it SecurityFederal it Audit ProcessUnderstanding Key Laws and Regulations on Information SecurityPrivacy and the Expanded Requirements in Federal it AuditsGrowing Demand for it Audit and Information Assurance ServicesClosing Thoughts
Chapter 14: Performance Audits
Performance Auditing: Minimal Guidance, no Safe HarborsGeneral Standards: Independence, Professional Judgment, Collective Competence, Quality Control And AssuranceFieldwork Standards: Planning, Supervision, Sufficient and Competent Evidence, DocumentationReporting Standards: Written Reports, Report Content, Quality Reporting, Report DistributionStructuring A Performance Audit: Interesting, Challenging, and Not Without RiskOverview of Performance Audit Process: Plan, Do, Review, ReportOrientation Phase: With Arrangers of Audit and AuditeeReview Risks and Issues: Winnow Down Audit AreasConduct the audit: Get the Facts, FindingsReport of Audit: Briefings and Interim and Final Reports
Chapter 15: Procurement Audits, Contract Audits, and Grant Audits
Contract AuditsFederal ProcurementsProcurement AuditsOMB’s Compliance Audit SupplementAudit IssuesAllowable/Unallowable Cost CriteriaGrant AuditsAudits of GranteesAmerican Recovery and Reinvestment Act
Chapter 16: Attestation Reports
Attest Engagements
Index

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Wiley Federal Government Auditing: Laws, Regulations, Standards, Practices, and Sarbanes-Oxley, 2nd Edition

by Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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