When creating reports for internal controls, there are a few different options that are available, which are:
• Attestation Engagements,
o SOP 07-2
• Findings and Recommendations,
• SAS 70,
• SAS 94, and
• Procedure Reports
With each of these reports, companies are looking for different at ways that will help with the improvement of risk management.
Attestation engagements deal with examining, reviewing or performing agreed upon procedures regarding a specific matter. This engagement can include different topic, such as:
• “an entity’s internal control over financial reporting;
• an entity’s compliance with requirements of specified laws, regulations, rules, contracts, or grants;
• the effectiveness of an entity’s internal control over compliance with specified requirements, such as those governing the bidding for, accounting for, and reporting on grants and contracts;
• management’s discussion and analysis (MD&A) presentation;
• prospective financial statements or pro-forma financial information;
• the reliability of performance measures;
• final contract cost;
• allowability and reasonableness of proposed contract amounts; and
• specific procedures performed on a subject matter” (U.S. Government... [continues]
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