Audit Objectives. The objective of our audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. We will also report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the basic financial statements taken as a whole. Our responsibility in the expression of opinions is to plan and perform the audit to obtain reasonable assurance, but not absolute assurance, that the financial statements are free from material misstatements. An important aspect to our expression of opinions on the financial statements is understanding the concept of materiality. Our determination of materiality is a matter of professional judgment and is affected by our perception of the financial information needs of users of the financial statements. In this context, it is reasonable for us to assume that users –
Audit Objectives. The objectives of the engagement are two-fold:
Audit Objectives. Audit reviewed implementation of the recommendation of previous Report as instances of incorrect and incomplete data in the system were noticed in Audit. The current follow up audit of FICO module of SAP was conducted to ascertain whether:
Audit Objectives. To determine compliance with the Master Lease provisions, including whether: Rent payments were timely; Budget approval occurred in accordance with lease provisions; Required insurance was maintained; Assessed taxes were timely paid; and Required reporting complied with lease terms. Scope: Our audit included the FY 2015 budget and FY 2014 assessed taxes, financial reports, and insurance. Methodology: Our audit objectives were accomplished through: Meeting with TPA and CRC staff, including the Associate Vice President for TPA and the CRC Chief Financial Officer to become familiar with the UA Tech Park’s overall operations; Touring the UA Tech Park to obtain a general idea of the nature of the complex; Reviewing and summarizing the Master Lease and all amendments; Meeting with UA Office of General Counsel (“OGC”) personnel to discuss statutory requirements of the lease; Reviewing CRC’s audited annual financial statements; Reviewing ABOR Business and Finance Committee meeting minutes; Reviewing the FY 2015 budget and related CRC Board of Directors meeting minutes; Examining certificates of insurance and related documents; Meeting with the Assistant Vice President for UA Risk Management Services to discuss insurance documents; and Obtaining and reviewing tax receipts and tax reporting statements. Conclusions: Overall, CRC is complying with the Master Lease provisions. CRC maintained all insurance coverage required by the lease and timely paid all assessed taxes, such as Pima County property taxes and Arizona’s Transaction Privilege and Use Tax. No actual rent payments were made to UA. Xxxxx was advised that the UA Vice President for Tech Launch Arizona obtained the UA President’s approval for CRC to retain net proceeds from the previous year for upcoming operations and expenses, as permitted by the lease provisions. Although CRC recognized $1,294,649 of additional rent expense for FY 2014, CRC received approval from the board of directors to credit an outstanding obligation to UA in the amount of $400,000 for park start-up costs. Additionally, approval of a credit in the amount of $894,649 was submitted to the UA CFO for land purchased by CRC on UA’s behalf. Management is currently developing an affiliation/cooperation agreement to formalize unwritten agreements. We found that budget approval and required reporting were not in compliance with the lease terms (see Audit Results, Recommendations, and Responses beginning on page 5). ...
Audit Objectives. Recipients are subject to conditions of fiscal, project, and general administration responsibility. Accordingly, the objective of an audit is to review the recipient’s administration of such funds. The purpose of an audit of such include the following:
