Coleman Davis and Shure Grant Thornton LLP Georgia Tech Research Corporation Fiscal Year Ended June 30, 1995

摘要

The objective of a quality control review is to ensure that the audit was conducted in accordance with applicable standards and meets the auditing requirements of 0MB Circular A- 133. As the Federal oversight agency for GTRC, we conducted a quality control review of the audit working papers. We focused our review on the following qualitative aspects of the audit: due professional care, planning, supervision, independence, quality control, internal controls, substantive testing, and general and specific compliance testing. We reviewed the most recent peer reviews of Coleman and Grant Thornton dated December 6, 1994, and October 3, 1995, respectively. The Grant Thornton review, performed by BDO Seidman LLP, found that Grant Thornton met the objectives of the quality control review standards established by the American Institute of Certified Public Accountants (AICPA) and that those standards were being complied with during the fiscal year ended May 31, 1995. The Coleman review, performed by Borland, Benefield, Crawford and Webster, P.C., found that, except for inadequate supervision regarding workpaper documentation of audit procedures for certain audits, Coleman met the objectives of the quality control review standards established by the AICPA, and that those standards were being complied with during the fiscal year ended June 30, 1994. Coleman is working to correct the deficiency.