Audit Efficiency and Quality
NNW believes the key to a good audit is efficiency and adherence to professional standards. This ensures that the audit is thorough without performing unnecessary procedures. By following the professional standards prescribed by Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards, we are certain  that we are meeting our own professional standards for the industry.
School District Experience and Expertise
The partners of NNW have experienced the audit from both sides of the desk. It is this unique perspective that provides our partners with the experience to recognize important audit issues. The partner’s viewpoint is also tempered with appropriate sensitivity to our clients’ particular situations.
Our partners are committed to maintaining an active role in all aspects of the audit. We understand how frustrating it can be to deal with someone that doesn’t understand your business, and will take every measure to prevent that from occurring.
Our staff is highly trained to understand your unique business, and they are instructed to consult with the partners on all aspects of the audit. We believe in a consistent approach to the audit, so we try as much as possible to keep an auditing team together. The team may include one or two partners, as well as senior and junior staff. Your audit team will have a thorough understanding of your school district’s individual needs.
GASB 34 Experience
The partners and staff at NNW are thoroughly knowledgeable about GASB 34. NNW has assisted all of our school district audit clients, without extra charges, by:
- Providing training on GASB 34 state software
- Providing training on conversion entries and GASB 34 reports
- Consulting on the management of fixed assets and depreciation schedules
- Providing sample Management Discussion and Analysis reports on diskette
We hold the philosophy that there are efficient ways to implement and manage the new standards and meet the intent of GASB.
Our Responsibility for the Detection of Fraud
NNW plans audit procedures to ensure that the financial statements and compliance areas are materially free of errors and irregularities (i.e., fraud). In doing this, we consider the audit risk of each significant transaction and group of transactions and design tests to ensure the transactions are free of material errors and irregularities. Our procedures are designed in accordance with SAS 22 (Planning and Supervision), SAS 47 (Audit Risk and Materiality) and SAS 99 (Consideration of Fraud in a Financial Statement Audit).
If fraud is suspected or detected in the preparation of financial statements or the misappropriation of assets, NNW is experienced to bring the matter to the attention of the appropriate level in the organization to ensure it is addressed expediently and that further instances are prevented from occurring as quickly as possible. |
