As senior editor and correspondent on NPR’s Washington Desk, Ron Elving covers the stories, the issues, and the people driving Washington decision-making. In his engaging style, Ron will discuss where things stand on the Hill, in the Executive Branch and in the broader body politic.
Ron Elving, Senior Washington Editor, National Public Radio
The Federal Audit Executive Council (FAEC) is one of several working groups under the Council of the Inspectors General on Integrity and Efficiency (CIGIE). FAEC’s role is to coordinate on issues that affect the Federal audit community. Chair, Dr. Brett Baker, leads the FAEC in addressing some recent matters of common interest:
OIG community cross-cutting projects to address government-wide risks
Data analytics and improper payments.
Session participants will learn more about:
Risk areas that the federal audit community is closely monitoring.
DATA Act audits and coordination efforts with policy makers.
Audit community efforts to address changes to Government Auditing Standards.
This session is intended to provide attendees with key insights, tips, and best practices on the latest updates to the Data Collection Form (DCF) and related instructions issued by the Federal Audit Clearinghouse (FAC). Participants will learn important information on the following:
Changes and updates to the DCF.
Best practices for auditees and auditors relating to completing, reviewing and submitting the DCF.
How an auditor can use the FAC database for monitoring single audit quality.
Identify changes and updates to the DCF.
Choose from various tips and best practices for completion and submission of the DCF to avoid common errors.
Apply information from the session to your questions about the new form and have them answered.
Delivering the audit results to the governing body can pose many challenges depending on the size and knowledge base of the audience. Whether you are communicating to a large city or regional council or a small governing board, this session will provide an experienced perspective on how to deliver audit results succinctly and leave a positive impression on the Governing Body.
Determine the best way to deliver an impactful audit presentation to the governing body to ensure they understand the objectives and results of the audit.
Apply several examples of how best to deliver information to educate the governing body.
Recognize the climate of the entity to deliver difficult information and navigate through committee and board questions in a highly charged environment.
Determine the appropriate resources/tools and information to provide to those charged with governance when confronted with different factors and varying situations.
The Department of Defense achieved a critical milestone in November 2018: undergoing its first full financial statement audit and meeting a key congressional mandate. DOD did not expect to receive an opinion on its financial statements. The DOD Comptroller has remarked that implementing all the process and system changes necessary to pass the audit will take time and recognizes the issuance of notices of findings and recommendations (NFR) as a major outcome of the audit. The department’s success in improving its financial management and audit readiness will be measured by progress in remediating deficiencies noted in the NFRs.
Recall DOD’s current efforts and plans for: remediating audit findings, prioritizing corrective actions, and other approaches to providing reliable data for decision making.
Indicate DOD's plans to prepare auditable financial statements and for addressing the NFRs.
Estimate how the remediation activity will impact future audits.
Estimate the length of time before the remediation impacts DOD’s financial management operation and DOD’s mission.
How risk assessments are performed in the audit of financial statements has been challenged recently. As you prepare for the upcoming audit season or your next peer review, know that how your audit team performs risk assessments will be scrutinized. This session will provide a refresher on the audit risk assessment standards with some specific thoughts on application for state and local governments.
Recall concept and auditing standards on risk assessment.
Apply the risk assessment standards to the audit of state and local governments.
This session will take a deep dive into GASB 84, Fiduciary Activities, walking through various transactions and analyzing how GASB 84 might apply, keeping in mind not only the standard itself but also the related implementation guide. The session will also outline reporting considerations as well as potential audit-related considerations to consider with the adoption of this new standard.
Identify fiduciary activities.
Analyze potential changes to the reporting entity.