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Auditors tell study commission ‘forensic audit’ is targeted and costly; technology can surface anomalies
Summary
Finance staff and a retired CPA explained routine audits, single-audit requirements and the limited role of forensic audits; commissioners discussed recommending that the council investigate audit software and clearer public reporting.
Butte-Silver Bow finance staff and an auditing instructor told the study commission on Oct. 28 that a forensic audit is a targeted, legally-oriented examination typically used when there are allegations of fraud, and that such audits are narrow and expensive.
Karen Hasler, who described the county’s audit processes, said the county signs an engagement letter with its independent auditor (currently Newland and Company), begins audit planning in the fall, and compiles documentation for the annual comprehensive financial report (ACFR). She said federal single-audit procedures apply when federal award spending exceeds $1 million and that auditors request samples of payroll and…
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