2.3.1 Determine whether the financial statements present fairly and accurately the financial position, results of operations, and cash flows or changes in financial position in accordance with generally accepted accounting principles. 2.3.2 Determine whether transactions were executed in accordance with applicable laws and regulations that may have a material effect on the financial statements. 2.3.3 Evaluate management programs and controls to deter and detect fraud for identified risks. 2.3.4 Provide reasonable assurance that financial statements and accompanying footnotes are free of material misstatement whether due to fraud or error. 2.3.5 Determine whether the financial reports are fairly presented and in accordance with established or stated criteria. 2.3.6 Determine whether Maryland 529 has adhered to specific financial compliance requirements within the disclosure statements. 2.3.7 Obtain a sufficient understanding of Maryland 529’s internal controls, as well as the controls of any applicable program manager(s), to plan the audit and to determine the nature, timing, and extent of audit procedures. 2.3.8 Report all internal control deficiencies, significant deficiencies, and material weakness relating to the internal control systems of the programs to Maryland 529 and the State Treasurer’s Office. Additionally, instances of fraud, noncompliance and questioned costs should be reported to Maryland 529 and the State Treasurer’s Office. 2.3.9 Test transactions and records pertaining to the programs listed in 2.1.1 for material compliance with disclosure statements. All instances of noncompliance shall be reported to Maryland 529 and the State Treasurer’s Office. 2.3.10 If requested, conduct a readiness assessment of the claims payment process to present to the State Treasurer’s Office.
