Annual Audit Plan FY 2015-2016 - Laserfiche WebLink

Home

Examples of Audit Types The following are examples of the audit types considered in the OLA's annual audit plan. These include audits that examine: • Organizational units within a County agency such as a division or a department • Individual County programs and activities • Transaction cycles or processes that "horizontally" cross multiple County functions or departments, such as contract procurement and purchasing, grants, human resources, information technology, etc. • Individual financial statement accounts and transactional areas such as capital assets, leave liability, accounts payable, and payroll • Contracts and agreements the County has entered into with a third party When we evaluate potential audits from a variety of perspectives, we can ensure that there is widespread audit coverage in terms of both the types of audits performed, as defined in Generally Accepted Government Auditing Standards, and in terms of the County's vast array of departments, programs, activities, and contracts. Audit Plan Principles In order to provide guidance and a framework for the development of the annual audit plan, the Office of the Legislative Auditor recognizes the following and observes basic audit plan principles: • Audit resources are limited, thus prohibiting 100 percent audit coverage each year. • The audit plan is a flexible and dynamic tool that can be amended throughout the year to reflect changing County risks and priorities. • The audit plan gives consideration to work performed by other auditors. • The audit plan recognizes that there are inherent risks and limitations associated with any method or system of prioritizing audits. As a result, risk factors are periodically evaluated and modified, as necessary. County of Hawaii, Office of the Legislative Auditor P a g e 13