MDTA Finance and Administration Committee Meeting Materials

FORCAM Audit Approach F ocus O n R isk, C ontrols, and A ccount M isstatement

Audit Goals

Understand the Business & Risk

 Detect Financial Statement Misstatement Risk  Detect Error:  Accounting Principles  Estimate  Information Processing  Account Balances  Footnote Disclosures  Fraud

Assess and Test Design/Operations of Controls

Financial Close Evaluation & Financial Misstatement Analysis

 Business Failure  Risk Mitigation: 1. Understand 2. Evaluate 3. Verify Facts  Business Improvement Opportunities  Client Expectations

Substantive Testing

GAAS Compliance & Reporting

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