455454
Audit of Kayne Projects
Audit Approach
• Pre Audit Steps
• System Review
• & preparation of
• Audit programs
• Audit
• of Fund
• Accountability
• Statement
• Review of Internal
• Control
Our methodology for this engagement has been structured in a form to cater all the requirements of the scope of work and give a structured approach to the execution of this engagement. Based on our understanding of scope of work for the engagement as explained in the section above, our engagement execution methodology is segregated in following phases:
Compliance with Agreement and applicable laws & Regulations Follows up On Prior Audit Recommendation Auditor 's Other Responsibilities
Lahore University of Management Sciences (LUMS)
Audit of USAID funded projects for the period July 1,2010 to June 30,2011
Audit Approach A. PRE-AUDIT STEPS- SYSTEM REVIEW &
PREPARATION OF AUDIT PROGRAMS
As part of this stage we will develop our understanding about the
LUMS ' contracts, and will review the related documents.
The objective of this engagement is to conduct an audit of LUMS ' contracts as explained in the Understanding of Scope of Service section for the period July 1, 2010 to June 30, 2011 in accordance with U.S. Government Auditing Standards issued by the U.S.
Government Accountability Office.
In accordance with the understanding developed during phase A, we will review the applicable documents considered necessary to perform the audit:
• The agreement between USAID and LUMS and between HEC and LUMS;
• Contracts and subcontracts with third parties, if any;
• Budgets, implementation letters, and written procedures approved by USAID;
• USAID Automated Directives System Chapter 636 - "Program
Funded Advances";
• OMB Circular A-122 "Cost Principles for Non-profit
Organizations" (2 CFR Part 230);
• OMB Circular A-21 "Cost Principles for Educational Institution"
(2 CFR Part 220);
• Federal Acquisition Regulation (FAR), Part 31, Contract Cost
Audit Approach
• Pre Audit Steps
• System Review
• & preparation of
• Audit programs
• Audit
• of Fund
• Accountability
• Statement
• Review of Internal
• Control
Our methodology for this engagement has been structured in a form to cater all the requirements of the scope of work and give a structured approach to the execution of this engagement. Based on our understanding of scope of work for the engagement as explained in the section above, our engagement execution methodology is segregated in following phases:
Compliance with Agreement and applicable laws & Regulations Follows up On Prior Audit Recommendation Auditor 's Other Responsibilities
Lahore University of Management Sciences (LUMS)
Audit of USAID funded projects for the period July 1,2010 to June 30,2011
Audit Approach A. PRE-AUDIT STEPS- SYSTEM REVIEW &
PREPARATION OF AUDIT PROGRAMS
As part of this stage we will develop our understanding about the
LUMS ' contracts, and will review the related documents.
The objective of this engagement is to conduct an audit of LUMS ' contracts as explained in the Understanding of Scope of Service section for the period July 1, 2010 to June 30, 2011 in accordance with U.S. Government Auditing Standards issued by the U.S.
Government Accountability Office.
In accordance with the understanding developed during phase A, we will review the applicable documents considered necessary to perform the audit:
• The agreement between USAID and LUMS and between HEC and LUMS;
• Contracts and subcontracts with third parties, if any;
• Budgets, implementation letters, and written procedures approved by USAID;
• USAID Automated Directives System Chapter 636 - "Program
Funded Advances";
• OMB Circular A-122 "Cost Principles for Non-profit
Organizations" (2 CFR Part 230);
• OMB Circular A-21 "Cost Principles for Educational Institution"
(2 CFR Part 220);
• Federal Acquisition Regulation (FAR), Part 31, Contract Cost
References: Lahore University of Management Sciences (LUMS) Audit of USAID funded projects for the period July 1, 2010 to June 30, 2011