FY 2008 audit: MISSA earns another top rating
posted 01/30/09
While certain agencies of the government are still struggling to have their financial records ready for audit covering as much as five years back, the Administration has already received its audited financial statements and independent auditors’ report for fiscal year ended September 30, 2008.
The early submission of audit requirements by Sheryl Profeta, MISSA’s Finance Manager, enabled the auditors of Deloitte & Touche to start their audit field work as early as November 18, 2008. As in the past several years, the audit field work was completed within two weeks and subsequently, all pending queries and issues were cleared and resolved.
The audit report was dated January 15, 2009 and was presented to the MISSA Board by Mr. Christopher Wolseley (pictured, right), Director of Deloitte & Touche (Guam) during their January 29, 2009 meeting.
As in previous years, the Administration has earned once again an "unqualified" opinion from its auditors. An unqualified opinion is formed and expressed when, after performing their audit, the auditors found that the financial statements that have been prepared by management with the oversight of the Board of Directors, were presented fairly, in all material respects, in conformity with generally accepted accounting principles.
During the presentation of the report, also referred to as the "exit conference", Mr. Wolseley congratulated once again the MISSA Board and management for its commitment to be fully accountable and auditable. He also praised the Administration’s collection efforts and control in benefit payments and administrative expenses.
Except for minor issues that were enumerated in their management letter, the report did not include any matters involving MISSA’s internal control over financial reporting that were considered to be significant control deficiencies under standards established by the American Institute of CPAs, and on its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
(Photo) During the presentation of the audit report also referred to as the "exit conference", Chris Wolseley of Deloitte & Touche (right), congratulated once again the MISSA Board of Directors and Management for its commitment to be fully accountable and auditable. He also praised the Administration’s collection efforts and control in benefit payments and administrative expenses.
In layman’s terms, this kind of report signifies a "no finding" or clean audit. The FY 2008 audit is the 7th year in a row that MISSA earned a clean audit.
A control deficiency exists when the design or operation of a control does not allow management of employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with accounting principles generally accepted in the U.S. such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control.