Audit Objectives and Scope. The objective of this engagement is to conduct financial audits of the MCC resources managed by MFK, under the Threshold Program Agreement between MCC and the Government, from October 1, 2019 through March 31, 2020. The audit is conducted in accordance with the U.S. Government Auditing Standards issued by the Comptroller General of the United States and the Accountable Entities Guidelines for Contracted Financial Audits issued by the Millennium Challenge Corporation (MCC’s AE Audit Guidelines). The specific objectives of the financial audit of resources managed by MFK are to: • Express an opinion on whether the FAS for the resources managed by MFK using MCC funds presents fairly, in all material respects, revenues received, costs incurred and reimbursed, and commodities, assets, and technical assistance directly procured by MCC (including by MFK) for the period audited in accordance with MCC rules and regulations, other implementing guidance, the terms of the Threshold Program Agreement, related agreements, conditions of award, and generally accepted accounting principles or other comprehensive basis of accounting (including the cash receipts and disbursements basis and modifications of the cash basis). • Evaluate and obtain a sufficient understanding of MFK’s internal controls related to MFK’s development and implementation of the Threshold Program Agreement using MCC funds, assess control risk, and identify reportable conditions, including material internal control weaknesses. • Perform tests to determine whether MFK complied, in all material respects, with the Threshold Program Agreement, supplemental agreements, and applicable laws and regulations related to MCC-funded programs. All material instances of noncompliance and all illegal acts that have occurred or are likely to have occurred must be identified. Specifically, the auditor shall perform tests to determine whether MFK complied, in all material respects, with the MCC Program Procurement Guidelines, the MCC Cost Principles for Accountable Entity Operations, and the MFK Fiscal Accountability Plan (“FAP”) in effect during the audit period. • Determine whether MFK has taken adequate corrective action on prior audit report recommendations. To accomplish the overall objectives, we carried out the following procedures:
(i) Pre audit steps In order to fully understand the objectives for the audit of the program's activities and to become familiar with the program, we read all the documents considered n...
Audit Objectives and Scope. The objectives of the compliance audit were to report broadly on the following: • Implementation of daily pricing mechanism and its monitoring by OMCs. • Whether the de-regulation brought-in market competition in respect of MS/ HSD prices. This audit mainly covered the period from 2014-15 to 2017-18 i.e. post de-regulation of HSD.
