10/30/17
Audit Procedures – Financial Audit
• Risk Assessment – Critical Financial Measures & Disclosures • Fraud Assessment – Inquiries; Revenues; Internal Controls • Planning and Preliminary Analytical Review • Understanding and Testing of Internal Controls • Review of Journal Entries and Daily Revenue, AP, and Payroll Postings • Grouping of Accounts to the Financial Statements (GAAP) • Substantive Tests of Account Balances (Vouching, Observation, Search for Liabilities, Tracing, Confirmation, Predictive Tests, Control Total Testing) • Review of Audit Work
• Summary of Audit Conclusions • Drafting of Financial Statements
• Drafting of Communication Letters and Approval of Audit Adjustments • Finalization and Electronic Filing to the NIGC, Board, and Management
Common Audit Areas
• Accounting Policies and Procedures • Tracing of Source Documentation from the Floor to the Accounting Records • Vouching of Source Documentation from the Accounting Records to Source Documentation • Payroll and Disbursement Testing • Cash on Hand and Chip Float Observation (Kiosks, Clearing A/C, etc.) • Gaming Revenue Testing to Statistical Reporting • Transactions with the Tribal Government; Vouching and Confirmation • Testing of Loan Covenants and Confirmation of Balances • Testing for Understatement of Accrued Liabilities • Observation of Progressive Jackpot Posting for Valuation • Depository Confirmation and Testing of Bank Reconciliations
14
Made with FlippingBook flipbook maker