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New York City Comptroller William C. Thompson, Jr. today announced that an independent external peer review has given high marks to the Comptroller’s Financial and Management Audit Bureaus.

The City Charter requires that the Comptroller’s audits be conducted in accordance with Generally Accepted Government Auditing Standards, or GAGAS. GAGAS requires that independent reviewers conduct an external peer review of an organization’s auditing practices at least once every three years.

The Comptroller’s Office engaged The Institute of Internal Auditors to conduct the independent review of the bureaus for the period of July 1, 2006 to June 30, 2007 (Fiscal Year 2007). The review was conducted from October 15 to 26, 2007.

Over FY 2007, the Comptroller’s Audit bureaus issued 64 audits, which identified approximately $9million in actual and potential revenues and savings.

“I am extremely pleased at the Internal Auditors’ positive opinion, and more particularly their favorable comments,” Thompson said. “I have always been proud of our audit bureaus and the innovative ways in which our auditors identify savings and revenue as well as issues to improve City services. Our auditors have definitely been agents of change who provide value to our citizens. It is gratifying to report that independent external reviewers have basically agreed with my high opinion of the Audit bureaus’ professionalism and adherence to standards.”

During the course of the review – which is available at www.comptroller.nyc.gov - , auditors noted that the Comptroller’s Audit Bureaus should be commended in several areas. They specifically noted that:

The Audit Policy and Instruction Manual is well written and addresses all relevant aspects of GAGAS. The manual contains complete, easily understood guidance, providing a reliable resource to help assure that all audit staff members comply with GAGAS on a consistent basis.

Quality control and assurance is effectively achieved within the Bureaus through the design of its organizational structure; the quality of the audit manual; and a diligent and independent Quality Assurance group whose primary goal is to help assure the Bureaus’ compliance with GAGAS.

The Audit Bureaus’ documentation is comprehensive and contains such features as thorough cross references and detailed chronologies of audit steps performed and audit supervisory review evidence.

The Bureaus have undergone external peer reviews every three years since 1992. The prior review had no findings requiring follow-up during this review.

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