Federal Audit Executive Council
Mark your calendars! After a pandemic hiatus, the FAEC will resume bi-monthly meetings. Membership of the FAEC includes the Deputy and Assistant Inspectors General for Audit. Our next virtual meeting will be Tuesday, March 7th at 11am. An invitation will be sent soon. If you have questions or want to make sure that your name and email are added to the AIGA listserv, please contact Debbie Harker at harkerd@oig.treas.gov .
Audit Training Subcommittee
A new FAEC subcommittee has been formed to address the training needs of the audit community. For more information or to volunteer for this group, please contact Andrew.Smith@cigie.gov .
Yellow Book Exposure Draft
GAO is proposing a 2023 revision of the Yellow Book, which updates Chapter 5: Quality Control and Peer Review. The proposed revision reflects enhancements to strengthen an audit organization’s framework for conducting high-quality engagements through its system of quality management. GAO is also proposing guidance to address key audit matters in financial audits. GAO is seeking public comment on the exposure draft of this revision. The draft will be available for review from January 30, 2023 through April 28, 2023.
We are requesting that comments be submitted to the Audit Committee to compile our community’s responses in a thoughtful and collaborative manner. Please review the Government Auditing Standards: 2023 Exposure Draft | U.S. GAO at your earliest convenience and consider any comments to be submitted to cecily.mercer@sba.gov no later than COB Tuesday, March 7, 2023.
National Defense Authorization Act (NDAA) Passed in December 2022
Section 5274 of the NDAA includes new requirements for notifying Non-Governmental Organizations (NGO) and Business Entities that are specifically identified in a non-investigative report. A NDAA Section 5274 Working Group led by Brett Baker has been stood up to look at the impact on Offices of Inspectors General.
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Auditor Learning Opportunities
The AI&E Academy added the following learning opportunities for auditors to our schedule:
1) Reviewing Drafts and Providing Effective Feedback) April 5th – April 6th)
2) Assessing Data Reliability (May 9th)
3) Data Analytics: Enhancing the Impact of Performance Audits (July 11th – July 12th)
Space is limited! Register now!
The next Audit Peer Review training will be held the mornings of March 21st and March 23rd. Team Captains and those scheduled to attend the session will receive communication with more details the first week of March.
Don’t forget to sign up for CIGIE Audit-related communications via GovDelivery.
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Committee Matters
The next Audit Committee Meeting will be held on Tuesday, April 4 at 2pm. Please contact Cecily Mercer, cecily.mercer@sba.gov , regarding any items you wish to see on the agenda.
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We are looking for presenters! In an effort to share interesting projects, ideas, and tools, we would like to showcase your OIG’s audit work at our meetings. So, please don’t hesitate to present the latest and greatest audit work from your office!
For ideas on what you think the Audit Committee should be working on, or if you have questions about anything related to the Audit Committee, please contact Cecily Mercer, cecily.mercer@sba.gov.
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