Frequency and timing:

• Annually, July

Steps:

• Complete final month-end closing of the last month in the fiscal year.
• Posts year-end journal entries for:
• Prepare draft financial statement with notes and schedules.
• Prepare audit PBC items.
• oPayroll accrual
• oFixed asset capitalization and depreciation
• oAllocation of facilities expenses
• oNet assets with donor restrictions

Field work

• Auditors perform testing on sample selections of transactions.
• Auditors provide management comments on financial statements.
• Management provides response to auditor comments.

Draft Audit Report

Responsible position(s):

• Controller

Required documents and access:

• Banner

Frequency and timing:

• Annually, July-August

Steps:

• Generate system financial statements
• Prepare supporting schedules for MD&A and footnotes.
• Update report template
• Edit footnotes
• Review new accounting pronouncements with auditors
• Review preliminary audit findings with responsible managers to draft responses
• Review draft with CFO/President
• Submit final draft to auditors

Provide management responses to any audit findings to be reported by the auditors in the letter to those charged with governance or Single Audit