Michael Ford's Ownd. Internal control and compliance manual for tennessee municipalities. Optional Use Toolset. Sample Risk List. Comptroller's Internal Control Compliance Manual.
Any county having an audit made by an independent certified public accountant. Beginning July 1, , the department shall prepare the audit required under the provisions of this subdivision 4 in each county of this state at least once in every five-year period, and shall not accept an audit prepared by a certified public accountant.
Devise a modern, effective and uniform system of bookkeeping and accounting, subject to the approval of the governor, comprehending:. An efficient system of checks and balances between the officers at the seat of government entrusted with the collections and receipts, custody and disbursement of the revenues of the state; and.
A system of bookkeeping and accounting, for the use of all county officials and agencies handling the revenues of the state or of any political subdivision thereof; provided, that the comptroller of the treasury and the governor may approve any existing system.
Perform economy and efficiency audits, program results audits and program. Any or all of the elements of an audit may be performed, including financial and compliance, economy and efficiency program results and program evaluation. Require that audits to be performed by the internal audit staffs of grantees or the internal audit staffs of state departments, boards, commissions, institutions, agencies, authorities or other entities of the state shall be coordinated with the office of the comptroller of the treasury, and any such audit reports as may be issued shall be prepared in accordance with standards established by the comptroller of the treasury.
No department, agency, institution, board, commission or authority shall cause internal auditing to be performed by persons who do not meet the job specifications for internal auditors established by the commissioner of personnel and approved by the commissioner of finance and administration and the comptroller.
Require that all persons, corporations or other entities receiving grants from or through this state shall cause a timely audit to be performed, in accordance with auditing standards prescribed by the comptroller of the treasury; and.
Establish minimum standards for the performance of audits by the internal audit staffs of local governments, special taxing districts, utility districts, political subdivisions, state departments, boards, commissions, institutions, agencies, authorities or other entities of the state.
All audit reports issued by such internal audit staffs shall include a statement that the audit was conducted pursuant to these standards. Section , Tennessee Code Annotated, directs the comptroller of the treasury, as administrative head of the department of audit, to ensure that annual audits are made of the accounts and records of each municipality in the State of Tennessee. The audit reports for these entities are posted to the Tennessee Comptroller of the Treasury website and OCJP will obtain these reports when posted.
The audit report is considered the annual report for these agencies. Nongovernmental nonprofit or private organizations. This is an annual requirement. Historically, agencies were only required to submit the report to Central Procurement Office. We are now requiring the Notice of Audit form to be submitted as stated below:. Fiscal tn. This form does not apply to OCJP monitoring. Required Annual Reports : Agencies are also required to submit the following reports annually within nine 9 months of the agency's fiscal year end:.
The Single Audit if required and Form are to be submitted to all of the following:. Commissioner of Finance and Administration: fa. The process will vary for governmental and nonprofit agencies.
Additionally, compliance and implementation of the CAP will be reviewed during the next fiscal monitoring of the agency. Nonprofit organizations other than those that meet the definition of a special purpose government that receive funds from the various departments of the State of Tennessee through contractual agreements that establish a subrecipient relationship are subject to various auditing and reporting requirements. In addition, some departments may include an audit requirement in contracts that establish a vendor relationship.
This provision applies regardless of the amount of federal funds received from all sources i. Contracts between nonprofit organizations and the State of Tennessee may involve only state money. However, the contracts often involve federal money received by the State of Tennessee and subsequently used to provide funding to nonprofit organizations.
State contracts that include these federal flow-through funds must be combined with other federal funding sources for the purpose of evaluating the applicability of current federal audit requirements. After a CPA firm and an entity e-sign the online contract, the Comptroller's office approves it. Based on the results of re-testing, the sub-certifier responsible for functioning of the control will certify as to operating effectiveness of the control.
Furthermore, on an ongoing basis, the management would have to conduct the below mentioned exercise:. Back to Top.
Internal Financial Controls over Financial Reporting ICFR A process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. All companies Board Report: Rule 8 5 viii of the Companies Accounts Rules, Board of Directors to report on adequacy of internal financial controls with reference to financial statements.
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