Results
The Solutions Development team delivered a process the audit team could apply themselves and easily share the results with senior-level staff. The process succeeded by refocusing the sampling planning to concentrate on the accuracy of each fund rather than multiple lines of business.
The new process saved hundreds of manual hours and provided the team with a simplified system that accomplished their statistical sampling goals. The time savings allowed the audit managers to look more closely at the data and determine which areas should be included as part of the population to search for errors that could potentially affect the financial statements. It also gave them more time to conduct other types of tests, including compliance and eligibility for programs. More importantly, the State of Colorado Auditor’s Office was able to issue a clean or “unmodified” opinion on the State’s financial statements.