Connecticut Administrative Code › Title 16 - Public Service Companies › 8 - Generally Accepted Management Audit Standards › Consultant Standards and Ethics for Performance of Management Analysis › Section 16-8-4 - Reporting standards

Current through July 10, 2024
(a)
Periodic
				reporting oral and/or written.
A written report shall be presented to
				the department after the audit examination is completed. Interim reports are to
				be transmitted in accordance with the engagement contract.
(b)
Timeliness of reporting.
Reports, both interim and final, shall be issued on or before the dates agreed
				to by the consulting firm or management audit team, the department and the
				auditee. If for any reason, the consulting firm or management audit team shall
				be unable to meet such dates, the consulting firm or management audit team
				shall notify the department and the auditee at the earliest possible
				date.
(c)
Report form and
				content.
Unless otherwise provided by the department, the report shall:
(1) Include a statement of the audit
				objectives and a description of the audit scope and methodology;
(2) Include a statement of professional
				standards adhered to in the examination and report;
(3) Include a description of the strengths
				and weaknesses found in the auditee's management and operations;
(4) Include a description of noteworthy
				accomplishments, particularly when management improvements in one area may be
				applicable elsewhere;
(5) Include
				recommendations for actions to improve problem areas noted in the audit, and to
				improve operations; the underlying causes of problems reported to assist in
				implementing corrective actions;
(6) Except as required by a prudence review
				or other department-stated objectives, place primary emphasis on improvement
				rather than on criticism of the past; critical comments shall be presented in a
				balanced perspective considering any unusual difficulties or circumstances
				faced by the auditee;
(7) Quantify
				the potential benefits, net of costs, to be realized if the auditee were to
				implement the recommended improvements and provide the basis for such
				qualifications;
(8) State the
				qualitative benefits of implementing the recommended improvements;
(9) Include a listing of significant issues
				and questions, if any, needing further study and consideration;
(10) Include a statement as to whether any
				pertinent information has been omitted because it is deemed privileged or
				confidential, describe the nature of such information, and state the law or
				other basis under which it is withheld;
(11) Be written in a narrative form and in
				language as clear and simple as the subject matter permits;
(12) Be concise but, at the same time,
				detailed enough to be understood by users;
(13) Be objective and present factual data
				completely to fully inform the users;
(14) Present factual data accurately and
				fairly, and include only information, findings, and conclusions that are
				adequately supported by sufficient evidence in the working papers to
				demonstrate or prove the bases for the matters reported and their correctness
				and reasonableness;
(15) Present
				findings and conclusions in a convincing manner;
(16) Set priorities for recommendations based
				on their impact and importance;
(17) Provide sufficient information to
				acquaint department personnel and auditee personnel with the principles,
				methods, and techniques applied, so that the improvements suggested or
				installed may be properly managed or implemented and continued after completion
				of the engagement; and
(18) Address
				the steps required to implement a recommendation and present a timeframe, which
				the auditee has agreed to be reasonable, within which the recommended
				improvements could be implemented.