Comptroller Audit.

At the heart of audits is a very deliberate move to identify and mitigate against risk. Unfortunately, there has always been the misconception that is captured aptly by Sir Charles Lyell, 1997 – 1875 that, “An auditor is a man who watches the battle from the safety of the hills and then comes down to bayonet the wounded” This misconstruction could never be further from truth. It has led the audit process to be viewed with great anxiety, dread, apprehension and disquiet.

Image result for comptroller Audits ultimately culminate in this meetingA Comptroller Audit is carried out periodically to examine fiscal affairs in states and local governments. They are geared towards guaranteeing fair, justifiable, effective, efficient and equitable appropriation of taxpayer money by states and local governments in their day to day execution of their obligations at various capacities. They provide solutions to improved fiscal management equip officials with the knowledge requisite for efficient and effective management of financial operations.

1.Opening Conference

The comptroller audit process begins with notification of the body / agency to be audited about the process and are invited to provide input. It is at this initial level that audit team members are introduced. The lead auditor chairs the conference.

2. Preliminary Audit Survey

The second step, Preliminary Audit Survey, is one of the most important tools the audit team will need before embarking on the main audit effort. It culminates in an audit program that highlights areas of interest.

3. Fieldwork Phase

This is typically the longest undertaking in the entire audit operation and is done onsite. The process is used to determine effectiveness and efficiency of the subject’s operations and processes and identifies noncompliance.

4. Preliminary Findings

The lead auditor or any other designated auditor takes the appropriate official through draft report that gives priority rated insights on findings, recommendations and conclusions for each audit segment that was audited. Early adoption is highly recommended.

5. Closing conference / meeting

Audits ultimately culminate in this meeting where the auditors discuss audit results with the appropriate.

6. Reconciliation Conference

Resolution of outstanding issues is done at this level.

7. Independent Audit Review

Third party are invited at this level to attempt resolutions of issue that may still be in dispute.

8. Finalization

Audit schedules are finalized at this level and results presented to the public.

9. Review

This is done by the lead auditor.

10. Redetermination

Occasioned when the taxpayer contests audit results. It is followed amendments. Generally taxpayers will agree with changes and an amendment is generated.