TAILIEUCHUNG - APPENDIX A – THE AUDIT RISK MODEL INDEPENDENT AUDITS OF FINANCIAL STATEMENTS

Other than the mandatory audits of publicly financed Presidential campaigns and national party convention committees, Section 438(b) of the Federal Election Campaign Act (FECA) allows the Commission to audit a committee if its reports do not meet the threshold require- ments for substantial compliance with the Act. Campaign Finance Analysts in the Commis- sion’s Reports Analysis Division (“RAD”) review every report following detailed procedures approved by the Commission. If questions arise concerning a committee’s compliance with the FECA, the analyst may send the committee a Request for Additional Information (“RFAI”) Letter which is made available to the public. Insufficient and/or untimely responses. | APPENDIX A - THE AUDIT RISK MODEL INDEPENDENT AUDITS OF FINANCIAL STATEMENTS 1 Publicly held companies and other entities referred to in this report as public companies or public entities are required by securities laws to file with the Securities and Exchange Commission SEC financial statements audited by independent auditors. Most users of financial statements are aware that such audits are being performed and that auditors issue reports that conclude with an opinion on whether the financial statements are in conformity with generally accepted accounting principles GAAP .1 GAAP is a technical accounting term that encompasses the conventions rules and procedures necessary to define accepted accounting practice at a particular time. In general the Financial Accounting Standards Board is the body that promulgates GAAP. 2 All auditors are required to perform audits in accordance with generally accepted auditing standards GAAS .2 The Auditing Standards Board ASB of the AICPA promulgates GAAS. The SEC historically has accepted GAAS as necessary and sufficient to comply with the requirements of the securities laws that call for independent audits of financial statements. 3 Audit firms are engaged by their clients . the preparers of financial statements to perform audits. The management of a publicly held company is responsible for the preparation of the company s financial statements. Auditors are responsible for carrying out their audits of those financial statements in accordance with GAAS which state that auditors are responsible for planning and performing their audits to obtain reasonable though not absolute assurance about whether the financial statements are free of material misstatement whether caused by error or fraud. The purpose of independent audits therefore is not to produce financial statements but rather to enhance their reliability. THE AUDIT RISK MODEL Overview of the Model 4 GAAS establish a model for carrying out audits that requires auditors to .

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