Check Out GFOA’s Six New Best Practices that were Adopted in January 2012

In January 2012, the Government Finance Officers Association’s Executive Board adopted 2 new Best Practices and revised 4 Best Practices.  The 2 new Best Practices are as follows: Presentation of the Departmental Section in Operating Budget Document – This document provides guidance to governments on how to meet their programs and services objectives.  The departmental …

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6 Methods to Implement in Detecting Workplace Fraud

In these economically stressful times, pressure and incentive to perpetrate fraud are more plentiful. Employers must address fraud risk more rigorously than ever before. Annual communication with the entity’s auditor can help pinpoint areas of higher risk.  Once identified, these areas can become the focus of management brainstorming sessions to develop processes to heighten awareness …

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What You Need to Know about Asset-Based Financing

Asset-based financing, though once considered a financing option of last resort, is now a popular choice for companies that are highly leveraged with debt or do not have a long credit track record for traditional financing. The main difference between asset-based financing and other traditional types of lending is that asset-based financing is secured by …

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Segregation of duties: accounts receivable and sales

A key concept of internal controls within an organization is segregation of duties. Segregation of duties helps to significantly reduce the risk of error or fraud. Do you know which duties need segregation? Here is a little refresher on some of the control activities that should be segregated when it comes to accounts receivable and …

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Need Help Completing Your Voluntary Correction Program Submission?

The Voluntary Correction Program (VCP) allows a plan sponsor to pay a limited fee and receive the IRS’s approval of the correction while also remaining a qualified plan.  The VCP program is not a program used by those who have already had an examination by the IRS and must correct the error, but for the …

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Single Audit Revisions – The Government Needs Your Help

Imaging looking at your Schedule of Expenditures of Federal Awards (SEFA) and noting that the total is $502,000.  Some of you might think, “Why couldn’t we have spent $3,000 less and save ourselves the cost of a single audit?”  And you’re not alone.  The United States OMB is working on reforming the Federal Grant process, …

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Arizona Law Changes Regarding Prejudgment Interest

When we perform calculations of economic damages for litigation purposes, there is often a component of past business loss or other type of historical economic loss.  Most experts will bring those historical losses to present value terms, using a prejudgment rate of return to make the injured party whole for past damages.  Although there are …

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