Audit Planning Step #1 - Obtain An Understanding • Regulatory Environment -Working Knowledge of Industry, Tribal-State GamingCompact, Tribal Gaming Ordinance, and applicable TribalMinimum Internal Control Standards (TMICS). • Operating Environment – Type andVolume of Transactions,Management Attitude, Computer InformationSystems, Data Flow,DocumentedControl Systems, etc. • External Environment – Regulators, Lenders, Tribal Membership, Competitive Environment, etc.
Audit Planning Step #2 – Risk Assessment • What can go wrong? –Who is relying on the numbers? • Which accounts have more risk? • What controls are in place? • Which compliance areas are most important or subject to scrutiny? • Potential for fraud? • Materiality of account? • Assess the level of risk (Low, Medium, High)
BlueBird CPAs
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