Louisiana governmental audit guide



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LOUISIANA GOVERNMENTAL AUDIT GUIDE

Authorized by Louisiana Revised Statute 24:513







User Note

The Louisiana Governmental Audit Guide is produced jointly by the Legislative Auditor and the Society of Louisiana Certified Public Accountants, with input from the Louisiana Municipal Association, the Louisiana Police Jury Association, and the Louisiana School Board Association. Revisions are incorporated into the Guide as necessary. This guide has been updated through October 31, 2013.







This material was reproduced in accordance with the standards for state agencies established pursuant to R.S. 43:31. This document is available on the Legislative Auditor’s website at www.lla.la.gov.




Legislative Auditor

Post Office Box 94397

1600 North 3rd Street

Baton Rouge, Louisiana 70804


Phone (225) 339-3800 Fax (225) 339-3870
www.lla.la.gov

Society of Louisiana Certified Public Accountants

2400 Veterans Boulevard, Suite 500

Kenner, Louisiana 70062-4739

Phone (504) 464-1040 Fax (504) 469-7930



www.lcpa.org



TABLE OF CONTENTS

Section










Page No.

100

Louisiana Audit Law

9




111

Penalties

11

200

Characteristics of Louisiana Governmental Units

12




211

State Agencies

12




212

Retirement Systems

14




213

Colleges and Universities

15




214

Judicial Districts

16




215

Police Juries or Parish Governing Authorities

17




216

School Boards

20




217

Special Service Districts

21




218

Assessor

21




219

Clerk of Court

22




220

Sheriff

23




221

Justices of the Peace and Constables

24




222

Municipalities

25




223

City Courts

27




224

Housing Authorities

28




225

Hospitals

29




226

Finance Authorities and Similar Trusts

30




227

Quasi-Public Agencies

30

300

Governmental Auditing

32




311

Legislative Auditor

33




312

Organization

33




313

Authority

33




314

Penalties

34




315

Single Audit of Louisiana

34




316

Liaison

34




317

Special Examinations

35




318

CPA Audits

35




319

Engagement Frequency

35




320

Engagement and Report Enforcement

36




321

Engagement Approval - Routine Engagements

38




322

Engagement Approval - Nonroutine Engagements

42




323

Engagement Completion

42




324

Compilations in Lieu of Sworn Annual Financial Statements

43




325

Compilation Engagement Scope and Standards

43




326

Review/Attestation Engagement Scope and Standards

44




327

Audit Engagement Scope and Standards

46




328

Independence

48




329

School Board Performance Measures

48




330

Special/Grant Audits

51




331

Cognizant, Oversight, and Pass-Through Agencies

51




332

Authoritative Guidance

54




333

Fraud and Abuse

54




334

Engagement Delays

55




335

Report Review

56




336

Report Release

56




337

Reissued Reports

56




338

Audit Engagement Reporting Package

56




339

Review/Attestation Engagement Reporting Package

59




340

Findings and Comments

59




341

Supplemental Disclosures

61




342

Compliance Auditing

61




343

Management Letters

62




344

Withdrawal or Cancellation

62




345

Principal Auditor

62




346

Engagement Period

62




347

Procuring Services

62




348

Other Functions

63




349

Audit Committees

63




350

Audit/Engagement Documentation

63




351

Management Services

64




352

Other Engagements

65




353

Assistance

65




354

Remedial Action for Findings

65




355

Desk Reviews

66




356

Engagement Reviews

66




357

Revisions

68

400

Governmental Financial Reporting

69




411

State Law

69




412

Minimum Reporting Requirements for Governments

69




413

Minimum Reporting Requirements for Component Units

71




414

Enforcement

71




415

Supporting Detail

71




416

Disclosure

71




417

Authoritative Guidance

71




418

Legislative Auditor Website

72




419

SEC Reporting

72

500

Governmental Accounting

73




511

State Law

73




512

Audit Trail

74




513

Timeliness/Reports

74




514

Legal/GAAP

74




515

Fund Accounting

74




516

Grant Accounting

75




517

Budgets

75




518

Chart of Accounts

75




519

Record Retention

75




520

Authoritative Guidance

76

TABLE OF CONTENTS

Appendices










Page No.




Appendix A

Audit and Attestation Questionnaires

77




Appendix B

Sample Engagement Letters

102




Appendix C

Sample Reports

139




Appendix D

Schedules and Data Collection Form

154




Appendix E

Authoritative Guidance and Other Information

160

Section










Page No.

600

Frequently Asked Questions




162

To: Governmental Officials, Accountants, and Auditors

In accordance with Louisiana Revised Statutes (R.S.) 24:513, this guide has been produced through a cooperative effort of the Louisiana Legislative Auditor and the Society of Louisiana Certified Public Accountants, with input from various state and local associations. The provisions of the guide apply to certified public accountants and governmental audit organizations performing engagements under the provisions of R.S. 24:513.

This guide, as originally issued and subsequently amended, reflects the general needs of the certified public accountant serving Louisiana state and local governments or their quasi-public agencies. The purpose of the guide is to provide an overview of the engagement process and to provide references from which the auditor may obtain detailed accounting and auditing guidance.

This guide includes the Louisiana Compliance Questionnaires and the Louisiana Attestation Questionnaires, Appendix A. These questionnaires are an integral part of this guide and are used as a basis of state compliance testing in all audits and attestation engagements performed under R.S. 24:513. The questionnaires are to be completed by senior management of the client and are to be given to the auditor as a basis of state compliance testing when required by state law.

The auditor's test of the compliance matters contained in the compliance questionnaires, the extent and nature to be based upon auditor judgment, are required by this guide and are minimum compliance requirements in audits and attestations within Louisiana government and related quasi-public agencies. These minimum state compliance items are considered a "safe harbor" for the auditor. However, the auditor should be aware of the provisions of professional standards, to include AU-C 250 (Consideration of Laws and Regulations in an Audit of Financial Statements), AU-C 935 (Compliance Audits), and AU-C 240 (Consideration of Fraud in a Financial Statement Audit). These documents provide significant, authoritative guidance as to the auditor's responsibility for compliance testing.

This guide has the effect of law under R.S. Title 24, but is not intended to replace professional judgment. Therefore, the guide provides the structure under which governmental and related engagements are to be performed, without mandating detailed procedures.



This guide is amended and updated from time to time as needed. Matters not included within this guide may be directed in writing to the Legislative Auditor or the Society of Louisiana Certified Public Accountants, Governmental Accounting and Auditing Committee.


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