Guidance

Understanding the Audit Process

This booklet has been prepared to familiarize you with the audit process and provide insight into the key stages of its development, from the earliest stages to the final report. It describes what auditors look for and their professional auditing standards. The booklet is intended only to highlight some of the significant elements of the audit.

Audit Committee Charter Guidance and Template

These guidelines provide a framework and offer guidance that boards of education can use for establishing an audit committee charter. A sample charter is provided at the end of this guidance. This sample charter does not include all activities that might be appropriate to a particular audit committee, nor will all activities identified in this sample charter be relevant to every committee. 

Red Flags for Fraud

Why didn’t you see it? There was fraud and you missed it. Conducting a “should of” after a fraud happens may show that red flags were present. If you had only recognized the warning signs, then that loss may not have occurred or been substantially reduced. Based on a recent survey by the Association of Certified Fraud Examiners (ACFE), occupational fraud substantially increases organizational costs. It is a myth that fraud is a big scheme that should have been uncovered sooner and easy to detect.

Preventing Fraud and Abuse of Public Funds: Local Governments Need to Do Better

OSC has identified fraud or abuse in all types of local governments in every part of the state. Fraud and abuse have other effects besides the amount of money that is lost and unavailable for productive uses by government. They also have the corrosive effect of undermining the public’s trust and confidence in government. OSC audits can be a useful tool in identifying and stopping

Internal Controls

A good internal control system is necessary to assist local officials in meeting all their responsibilities. In this session, we will focus on the following areas:  What are Internal Controls?, Why are Internal Controls Important?, Who is Responsible for Internal Controls?, Key Components of Internal Control, Internal Control Examples, Top Ten Fraud Risk Indicators, and Internal Control Checklist.