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NCJ Number: 67477 Find in a Library
Title: HOW DCAA (DEFENSE CONTRACT AUDIT AGENCY) USES RISK ANALYSIS IN PLANNING AND PROGRAMMING AUDITS
Journal: INTERNAL AUDITOR  Volume:36  Issue:3  Dated:(JUNE 1979)  Pages:32-39
Author(s): F NEUMAN
Date Published: 1979
Page Count: 8
Format: Article
Language: English
Country: United States of America
Annotation: BY EMPLOYING RISK ANALYSIS, DCAA (DEFENSE CONTRACT AUDIT AGENCY) HAS BEEN ABLE TO OPTIMIZE THE USE OF LIMITED AUDITOR RESOURCES IN MEETING ITS AUDIT RESPONSIBILITIES.
Abstract: DCAA IDENTIFIES AND ESTABLISHES AUDIT PRIORITIES FOR ALL ACTIVITIES THAT DIRECTLY OR INDIRECTLY AFFECT PROPOSED OR INCURRED COSTS OF GOVERNMENT CONTRACTS. THIS APPROACH, TERMED TOTAL AUDIT CONCEPT TECHNIQUE, PROVIDES AN APPROPRIATE BALANCE BETWEEN COMPLIANCE AND OPERATIONS AUDITS. THE ESTABLISHMENT OF AUDIT PRIORITIES IS A CRITICAL FIRST STEP IN DECIDING WHERE TO USE AVAILABLE AUDIT TIME. TO DETERMINE WHICH WORK PACKAGES SHOULD RECEIVE THE HIGHEST PRIORITY, A FORMAL SYSTEM HAS BEEN DEVELOPED FOR RANKING AUDIT WORK PACKAGES ON THE BASIS OF RETURN FOR AUDITOR HOURS INVESTED. THE KEY STEPS IN THIS FORMAL PROCEDURE, CALLED WORKPACKAGE RISK ANALYSIS PROCEDURE (WRAP), ARE DESCRIBED. ALSO DISCUSSED ARE TECHNIQUES AND APPROACHES USED BY DCAA IN CONDUCTING AUDITS OF OFFICE EQUIPMENT REPAIR COSTS; ENERGY COSTS; A CONTRACTOR'S REPRODUCTION EQUIPMENT, FACILITIES, AND RELATED OPERATIONS; AND A CONTRACTOR'S AUTOMATIC DATA PROCESSING FUNCTION WHERE ALL COMPUTER SERVICES ARE SUPPLIED BY A SEPARATE, WHOLLY OWNED SUBSIDIARY OF THE PARENT COMPANY. TABLES ARE INCLUDED (PRG)
Index Term(s): Audits; Government contracting; US Department of Defense
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