1 / 30

Funds Netting 2011 Annual IFTA Business Meeting Lonette L. Turner Executive Director IFTA, Inc.

Funds Netting 2011 Annual IFTA Business Meeting Lonette L. Turner Executive Director IFTA, Inc. Participation. 50. 3. 5. Implementation Year Dollars. 2011 Dollars Through CHTP #6-2011. 2010 – 2011 Comparison Through CHTP 6-2011 (USD). 2010 – 2011 Comparison Through CHTP 6-2011 (CAD).

jin
Download Presentation

Funds Netting 2011 Annual IFTA Business Meeting Lonette L. Turner Executive Director IFTA, Inc.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Funds Netting2011 Annual IFTA Business MeetingLonette L. TurnerExecutive DirectorIFTA, Inc.

  2. Participation 50 3 5

  3. Implementation Year Dollars

  4. 2011 Dollars Through CHTP #6-2011

  5. 2010 – 2011 Comparison Through CHTP 6-2011 (USD)

  6. 2010 – 2011 Comparison Through CHTP 6-2011 (CAD)

  7. Issues Faced Since Implementation

  8. Issues Faced Since Implementation

  9. What’s Happening Now

  10. QUESTIONS?

  11. SAS 70 TYPE 2 AUDITS 2011 Annual IFTA Business MeetingLonette L. TurnerExecutive DirectorIFTA, Inc.

  12. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) STATEMENT OF AUDIT STANDARDS (SAS) “What's in a name? That which we call a rose by any other name would smell as sweet.” -William Shakespeare, Romeo and Juliet

  13. STATEMENT OF AUDIT STANDARDS (SAS) • Previously, the guidance for service auditors reporting on controls at a service organization and for user auditors auditing the financial statements of a user entity was contained in a section of Statements on Auditing Standards (SAS) titled, “Service Organizations” issued by the AICPA. • That guidance originated in a SAS issued in April 1992 that was numbered 70. • Since then, reports on controls at a service organization have colloquially been called “SAS 70 reports.”

  14. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • In April 2010, the AICPA’s Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization • The SSAEs also are known as the attestation standards. • In an attestation report, a CPA attests to subject matter or an assertion about something other than the fairness of the presentation of financial statements.

  15. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • SSAE No. 16 is applicable when an entity outsources a business task or function to another entity (usually one that specializes in that task or function), and the data resulting from that task or function is incorporated in the outsourcer’s financial statements. • In SSAE No. 16, an entity that performs a specialized task or function for other entities is known as a service organization, and an entity that outsources the task or function to a service organization is known as a user entity.

  16. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • Basically, IFTA, Inc. must write certain attestations regarding our funds netting system, based on the requirements of IFTA, Inc. found in: • The Clearinghouse Access Agreement • Funds Netting Rules • The IFTA Governing Documents

  17. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • Based on review of the documents with our auditors, we identified the following requirements for IFTA, Inc. • Establishing a Funds Netting System • Timeliness of the Funds Netting Process • Confidentiality Requirements • Assignment of Clearinghouse Users • Reporting to Jurisdictions • Monitoring the Funds Netting Account and Tracking Funds • Distribution of Funds • Controls (security of data, backups, etc.)

  18. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • Required for an SSAE 16 is a description of the system. That has been written and includes attachments with an example of each type of record kept, when applicable. • The description of our system is under review by the auditors at the present time. • The AICPA set June 15, 2011 as the start date for SSAE 16s but their materials and guidelines for auditors were not available until July 15, 2011.

  19. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • There are Type 1 and Type 2 SSAE 16s. • In a type 1 report, the service auditor expresses an opinion on whether the description is fairly presented (does it describe what actually exists?) and whether the controls included in the description are suitability designed.

  20. STATEMENT OF STANDARDS FOR ATTESTATION ENGAGEMENTS (SSAE) • In a type 2 report, the service auditor’s report contains the same opinions that are included in a type 1 report but also includes an opinion on whether the controls were operating effectively. Controls that operate effectively do achieve the control objectives they were intended to achieve. Both types of reports are examination reports which means the CPA obtains a high level of assurance. • A Type 2 report will be issued by the IFTA, Inc. auditors.

  21. QUESTIONS?

  22. Clearinghouse Update2011 Annual IFTA Business MeetingLonette L. TurnerExecutive DirectorIFTA, Inc.

  23. RENEWAL

  24. Since the last ABM, Jason has made some changes to the IFTA, Inc. Clearinghouse Transmittal Pages. The first screen you see now, after logging in, are the Funds Netting pages. The focus is to have Jurisdictions view Summary and Detail Totals. That is now the first choice you can pick from in the following screen using the Funds Netting Data Integrity Check

More Related