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Debbie Kellar
VP of Finance, Denver Seminary
Overview of AU-C 250
Consideration Of Laws & Regulations
In Financial Statement Audits
Audit
Audit An evaluation of a person,
organization, system, process or project.
Are policies and procedures being
adhered too?
Compliance
Compliance Conformity in fulfilling official
requirements.
Are you in the fire fighting business or in
the business of fire prevention?
The Clarified Standards:
Statements on Auditing Standards No.
122-125
Why the new standards?
SAS Nos. 122-125 resulted from the AICPA Auditing
Standards Boards (ASB) Clarity Project
The Clarity Project had two primary objectives in the
Codification of Statements on Auditing Standards
Tax
Higher Education Opportunity Act (Truth in Lending Act
Regulation Z)
Environmental Regulations
AU-C Section 250
What Changes for CPA Firms?
To help identify material misstatement of the financial
statements due to noncompliance with laws and
regulations, we will need to use our professional
judgment to determine the depth of review required.
Theres no standard check-off step!
We may have to expand the scope of documents we
review based on our analysis of the risks on a client by
client basis.
Evaluate the impact of the deeper dive on the audit
scope and pricing.
Getting CompliantA case study
1
Federal Sentencing Guidelines Chapter 8 (Sentencing of Organizations)
Practical Considerations for Implementation
http://www.wlu.edu/general-counsel/answer-center/compliance-initiatives
Washington and Lee University Compliance Initiatives
http://counsel.cua.edu/
Campus Legal Information Clearinghouse: CLIC is a collaborative effort between the
American Council on Education (ACE) and The Catholic University of America's Office
of General Counsel. The University is especially grateful to ACE for its encouragement
and support of CLIC.
Compliance Tools and Resources
http://acua.org
The Association of College and University Auditors: Most resources require
membership, but section on internal audit under resources is free and informative.
Articles:
Compliance Calendar(s)
Catholic University of America http
://counsel.cua.edu/thebasics/compliance.cfm
Denver Seminary Departmental Calendars
Conclusion
At their best, compliance programs can be educational and
enriching and can be used to help individuals and units do
their jobs for effectively. A positive focus on compliance can
promote an ethical, values-based environment that is
consistent with the mission of higher education.
- Jonathan Alger, President of James Madison University
Questions?