March 30, 2007 State Auditor’s Office Passes
National State Auditors Association Review
MONTPELIER, VT – State Auditor Thomas M. Salmon, CPA, today announced that the Vermont State Auditor’s Office has successfully passed its 2007 quality control external peer review conducted by the National State Auditor’s Association.
“We are happy to report that independent outside auditors found our quality control system functioning at a high level to meet today’s strict government auditing standards,” Salmon said. “The staff worked hard to meet higher standards,” Salmon noted.
The 2007 review was conducted by members of the External Peer Review Team of the National State Auditors Association, with Don Dunlap, CPA of Nebraska, as team leader, with assistance from Alice M. Fast, CPA of Minnesota.
The review focused on the audit of Vermont’s basic financial statements for the year ending June 30, 2006, a period in which total revenues and expenses for primary government activities reached $4 billion.
The auditors issued an unqualified opinion, stating in their report:
“In our opinion, the system of quality control for financial audits of the Vermont Office of the State Auditor in effect for the period January 1, 2006 through January 31, 2007 has been suitably designed and was complied with during the period to provide reasonable assurance of conforming with government auditing standards.”
Government Auditing Standards, issued by the Comptroller General of the United States, require that audit organizations performing audits and other engagements in accordance with generally accepted government auditing standards (GAGAS) must undergo an external quality control review, or peer review, at least once every three years. The previous peer review of the State Auditor’s Office was conducted in 2004.
Auditor Salmon noted that while receiving a “clean opinion” from the outside reviewers, there are areas that need improvement in future audits. Salmon said he will also provide additional training to staff auditors in several areas to address issues noted by the outside reviewers.
“As the new State Auditor, I am impressed with the staff here and the work that has been achieved,” Salmon said. “Planning for the June 30, 2007 fiscal year audit is well under way and I expect to see improvements in every facet of our operation,” he said.
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Note: The Peer Review Report and the Peer Review Letter of Comments are available on this website. Click on “Audits & Reports” and then click on “Financial & Compliance Audits.” Documents will be listed on the right side of the page.
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