Establish audit committees, made up of appropriate audit committee members, that are responsible for review, oversight, establishing procedures, and providing a written report.
Select services that include a broad scope of financial presentations and perform their audits in accordance with the Generally Accepted Government Auditing Standards. Governments should enter into multiyear agreements and undertake a full-scale competitive selection process.
Internal Audit Function
Should be established by appropriate legal means, should be conducted in accordance with professional standards, and those leading the internal audit function should have the necessary credentials and experience.
Governments should determine whether it is involved in a group audit, ensure that communication is timely and appropriate among group and components auditors, and determine how subsequent events will be addressed.
Offering Statements and the Independent Auditor's Role
The government should feel free to use audited financial statements as appropriate, should not permit auditors to create an artificial "involvement", take steps to avoid unwarranted delays and costs, and clarify publishing permission within audit contract