December 2007 Single Audit Information Service Newsletter

Do You Really Know What You Want?By Leita Hart-FantaAll right, governments; enough is enough! It is not normal for a CPA firm to take on You really need to read the Government Au- a performance audit. It’s not impossible, but diting Standards before you put out a request not normal either. Performance audits are for proposal for audit services. You are caus- generally conducted by legislative auditors or Leita Hart-Fanta, CPA, ing a mess in the certified public accountant internal auditors, not by CPA firms, because CGFM, is the author of world because you don’t know what you are performance audit standards do not integrate “The Risk Assessment asking for. or refer to American Institute of Certified SASs,” and has been teaching Yellow Book Public Accountants requirements, which rule I had a long phone call recently with a standards for 10 years. the behavior of a CPA.partner from a national CPA firm who wanted During her five years with the Texas State to take on a project for one of her steady Different Types of Audits, EngagementsAuditor’s Office, she clients, but her technical advisors were CPAs are more comfortable doing work acted as both an auditor blocking her way. My CPA friend said it was for clients under AICPA rules for financial and communications unclear exactly what the client — a state specialist. Ms. Hart- audits, attestation engagements or consult-agency — was seeking in its RFP, which Fanta led the team that ing engagements. It is very ...