Schools and deadlines during COVID-19

As of March 13, 2020, we were notified that all schools would be closed as a preventative measure due to the COVID-19 outbreak. This has resulted in multiple effects in our general community among other things. From a business perspective, new questions have surfaced for the March 31 deadline. Don’t miss: $21 million missing and …

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Your audit, from good to great

We want our clients to get more out of their audits! We are not talking about heartburn either. We invite you to look behind the audit curtain. Maybe this will shed some light on what is going on. We have an action plan, some things you can do to help turn your audit from good …

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Emotional Intelligence in accounting

We’ve all heard about IQ, as the measurement has followed us through school and in pursuing careers. However, what about EQ? Emotional Intelligence matters both in the workplace and in interaction with the public. So, what is it? Emotional intelligence is “the capacity to be aware of, control and express one’s emotions, and to handle …

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Governments capitalizing interest, a thing of the past

In the beginning there was capitalized interest, and some found it was good. Then, GASB decided to shed some light on this topic – now, capitalizing interest is just a thing of the past. While governmental activities generally don’t incur capitalized interest on projects in the construction phase, business-type activities were permitted to do so, …

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Quiz time! Are you furthering your expertise?

The Journal of Accountancy is a great resource for all things accounting. From fraud schemes to new accounting standards to the latest technology, the Journal covers it all. They also regularly have quizzes you can take to test your knowledge and skills for various areas. Recently, I came across a quiz they created for “Best …

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2019 Standard mileage rate, minimum wage

Government employers need to be aware of two rate increases this year. One is the standard mileage rate set by the IRS and the other is the minimum wage rate set by Arizona voters. Standard mileage rate Every year, the IRS establishes a standard mileage rate and this year is no different. Many government entities …

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Prepare your organization for new standards, smooth transitions

The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …

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Digital modernization, government and audits

With technology and society ever growing and evolving, government entities are evolving and changing themselves. Reports from the AICPA’s Charted Global Management Accounting group discuss some of the key factors and challenges faced by governments who are considering or are in the process of moving to a more digital organization (Part I and Part II). …

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Uniform guidance: time and effort reporting

Many questions have arisen regarding the Uniform Guidance on the reporting of personnel expenses and the need to record hours worked across multiple grants and responsibilities. The Standards for Documentation of Personnel Expenses can be found under section §200.430(i). In reading the uniform guidance, we noted three things: Paragraph (i)(1)(i) states first and foremost that …

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Completing risk assessments, a valuable management tool

Risks assessments are performed by external auditors to develop plans to meet the audit’s objectives. However, risk assessments can also be performed internally and used as a valuable management tool to determine if internal control structures are functioning as originally designed or if changes are necessary. In an everchanging regulatory environment as well as inevitable …

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