Audit Functions Sample Clauses

Audit Functions. Annual Audit/State of Iowa Comprehensive Annual Financial Report (CAFR) - Iowa DOT is audited annually by the State of Iowa, Office of Auditor of State (AOS). Financial activity of the department is included in the State of Iowa CAFR that is completed in accordance with Generally Accepted Accounting Standards. AOS also conducts the Single Audit for Iowa DOT. Single Audit - Office of Management and Budget (OMB) Circular A-133 (effective December 26, 2014 this was replaced with 2 CFR 200) was issued pursuant to the Single Audit Act of 1984 (P.L. 98-502) as amended by the Amendments of 1996 (P.L. 104-156), for the purpose of setting forth standards for obtaining consistency and uniformity among Federal agencies for the audit of States, local governments, and non-profit organizations expending Federal awards. The U. S. Department of Health and Human Services is the cognizant agency for audit responsibilities of Iowa DOT Office of Finance/External Audits Risk Based Approach – The Iowa DOT Office of Finance, External Audit Section is responsible for conducting external audits involving Iowa DOT’s operations. FHWA may provide technical advice and assistance to Iowa DOT and auditors as appropriate and advise Iowa DOT of requirements imposed by Federal laws, regulations, or provisions of contracts. External Audits incorporates risk assessment in the development of an annual audit plan. External Audits conducts audits as defined by Iowa DOT Policies and Procedures Manual. Audits include preaudits, overhead audits, and final audits of railroad and engineering projects. External Audits also provides a review of indirect cost rates submitted by sub-recipients. In addition, sub-recipients audit reports are reviewed along with follow up of Findings and Question costs as applicable.

Audit Functions. The Terms of Reference of the ARCCs provide that some of the key responsibilities of the ARCCs include: • External Audit Process: reviewing and reporting to the Board, the scope, quality, results and performance of the external audit(s), its cost effectiveness and the independence and objectivity of the external auditors. It shall also review the nature and extent of non-audit services performed by external auditors; • Internal Audit: establishing an effective internal audit function which shall be adequately qualified to perform an effective role, adequately resourced, independent of the activities which it audits and able to discharge its duties objectively, and to approve the hiring, removal, evaluation and compensation of the head of the internal audit function, or the accounting/auditing firm or corporation to which the internal audit function is outsourced; • Financial Reporting: reviewing and reporting to the Boards the significant financial reporting issues and judgements so as to ensure the integrity of the respective financial statements of FHT, FH-REIT, the REIT Manager, FH-BT and the Trustee-Manager and any announcements relating to FHT’s financial performance, and to review the assurance provided by the CEO and the CFO that the financial records have been properly maintained and the financial statements give a true and fair view of each of FHT's, FH-REIT's, the REIT Manager's, FH-BT's and/or the Trustee-Manager's respective operations and finances; • Internal Controls and Risk Management: reviewing and reporting to the Board at least annually, its assessment of the adequacy and effectiveness of each of the REIT Manager's and the Trustee-Manager's internal controls for FHT, FH-REIT, the REIT Manager, FH-BT and the Trustee-Manager (as the case may be), including financial, operational, compliance and information technology controls (including those relating to compliance with existing legislation and regulations), and risk management policies and systems established by Management; • Interested Person Transactions: reviewing interested person transactions3 and/or interested party transactions4 (collectively referred to herein as “Related/Interested Person Transactions” (save where the context otherwise requires)) entered into from time to time and the internal audit reports to ensure compliance with the applicable legislation, the SGX-ST Listing Manual and/or the Property Funds Appendix (where applicable); • Conflicts of Interests: deliberating o...