ERIC Number: ED464698
Record Type: Non-Journal
Publication Date: 1999-Mar
Reference Count: N/A
Financial Statement Opinion Audit Guide for Texas Public Community Colleges, 1999.
Texas State Auditor's Office, Austin.
This document, prepared by the Texas State Auditor's Office, offers detailed guidelines for conducting a financial audit of community colleges in Texas. Its purpose is to assist governing boards and college management in ensuring that their colleges are receiving high-quality opinion audits on annual financial statements. The guide includes the following information: Recommendations for good business practices in the annual financial statement opinion audit process--in particular, for procuring audit services; descriptions of each participant's responsibilities in the audit process; and a general description of the audit process. The guide suggests that community colleges use an audit committee, which is a liaison between the full board, management, and the internal and external auditors. The four critical elements of procurement practices for audit services are: (1) competition; (2) solicitation; (3) technical evaluation; and (4) written agreements. It is crucial to monitor the results of the audit as it progresses. The report also outlines the responsibilities of external auditors, as well as general audit standards, which include qualifications, independence, due professional care, and quality control. Ten steps in the annual financial statement opinion audit are identified, beginning with the plan for the procurement of audit services and concluding with resolution of the audit. (Contains 11 references for further guidance.) (NB)
Publication Type: Guides - Non-Classroom
Education Level: N/A
Audience: Administrators; Policymakers; Practitioners
Authoring Institution: Texas State Auditor's Office, Austin.
Identifiers - Location: Texas