NRP Audit Training Packet

IntroductionTraining Objectives• To provide an overview and an explanation of the NRP Audit Policy.• To provide an overview of the services provided by the Office of the State Auditor.• To provide a checklist of documents to gather in preparation for an audit.• To answer questions about the NRP Audit Policy and the services provided by the Office ofthe State Auditor.What is an Audit?An audit reviews an organization’s financial transactions and management decisions made withina specific period of time, usually the organization’s fiscal year, to determine:• If an organization’s financial statements fairly represent the financial position of theorganization.• If the organization is complying with applicable legal requirements and, in some instances,restrictions imposed by funding agents such as the NRP.• Whether the organization is operating according to sound financial management principles.The results of an audit are presented in an audit report. • An audit report typically has at least two sections: a financial section, and a management andcompliance section.• The financial section includes the organization’s financial statements, a report on the accuracyof the financial statements, and any notes to the financial statements.• The management and compliance section includes any findings and recommendations basedon the tests of the organization’s financial transactions, a report on the organization’scompliance with applicable laws and funding ...