For the fourth consecutive year, the OIG, in cooperation with the Chief Financial Officer, conducted a survey to identify lessons learned during the audit of the fiscal year 2007 financial statements. After the OIG compiled the survey responses, we presented the results to the external auditors and key stakeholders involved in the audit. Our goal was to incorporate best practices into future audits of the financial statements and improve on those practices and procedures that were not efficient or effective. Most of the survey respondents stated that, in general, the financial audit process is working very well. However, the process can still use some minor adjustments and "fine tuning."
Best practices identified included:
- Strong commitment to the audit process on the part of the Senior Executives, PBGC management and staff, contractors, OIG staff and the external auditors.
- Early and ongoing communication by the auditors to PBGC management and staff regarding the new internal control reporting requirements (Statement on Auditing Standard No. 112).
- Regular audit status meetings between the auditors and key stakeholders to help provide more timely information on audit issues, obstacles, and time lines.
- Weekly audit protocol meetings to discuss the status of outstanding documents requested by the auditors.
Suggestions for improvements included:
- Further refinement of the audit protocol process,
- Issuance and implementation of the revised audit follow-up directive, and
- More timely communication of potential audit findings.
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