Assignment: Financial Statement Audit
was issued in 2002 and became effective in 2003, requires that an “entity must designate a privacy official who is responsible for the development and implementation of the privacy policies and procedures of the entity” (CMS 2004). HHS’s final rule on security, which was issued in 2003 and became effective in 2005, requires that the “security responsibility be assigned to a specific individual or organization . . . for the management and supervision of the use of security measures to protect data and of the conduct of personnel in relation to the protection of data” (CMS 2004). The American Health Information Management Association (AHIMA) makes a good case that health information management (HIM) professionals should have the training and experience to handle most of the skills required for privacy officers, and in 2002 AHIMA introduced a certification in healthcare privacy, which subsequently became a certification in healthcare privacy and security (CHPS).
HIM professionals should have the following traits (Dennis 2001):
Independent auditors are retained by the healthcare organization to ensure that the financial reports sent to external agencies are in the correct accounting format. Examples of exter- nal agencies include the state and federal government, commercial insurance companies, and lenders. The correct accounting format means that the healthcare organization used generally accepted accounting principles (GAAP) in preparing the report. However, use of GAAP does not guarantee that the healthcare organization is financially sound. The American Institute of Certified Public Accountants in 1997 issued Statement on Auditing Standards (SAS) No. 82, Consideration of Fraud in a Financial Statement Audit, which requires independent auditors to obtain reasonable assurance that financial statements are free of material misstatements caused by error or fraud. While SAS No. 82 provides guidelines for independent auditors to use to help detect and document risk factors related to potential fraud, it does not expand their detection responsibility. Therefore, healthcare organizations and independent auditors should discuss thoroughly the scope and focus of the audit as it relates to the organization’s compliance efforts (Reinstein and Dery 1999).
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