Category: Audit

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Travel expense reimbursement issues at Northern Arizona University – The case for re-evaluating, reviewing and testing travel reimbursement policies and procedures in local governments

Recently the Arizona Auditor General released its report for Northern Arizona University’s (NAU) internal control and compliance for the year ending June 30, 2019. The report includes  findings of travel expense reimbursement issues, mainly that the “University inappropriately paid for $40,277 of the President’s and her spouse’s travel  expenses that conflicted with policies and lacked …

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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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Internal audits?

An audit can be defined as a process where business records are examined by an auditor to determine whether a business’s financial statements appear to be accurate. There are two types of audits: external and internal. It is important to understand the meaning of the two as your organization may at one-point experience both. It’s …

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What is missing from your SEFA?

In addition to your many end of fiscal year document requirements, you’re also responsible for the Schedule of Expenditures of Federal Awards (SEFA).  There a some things you will want to make sure aren’t missing from your SEFA filings. Below is a list of items you’ll need to prepare the SEFA under Uniform Guidance as …

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Auditors get audited too?

Did you know that audit firms and auditors get audited by their peers? Just when you think that we as auditors don’t understand what it’s like to be on the other side of the table . . . think again! Firms in the practice of public accounting and members of the American Institute of Certified …

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Preparing for a single audit

Single audits are required for all non-federal entities that expend $750,000 or more in federal awards. Single audit engagements can be complex and may involve a number of unusual audit requirements, so being prepared for your single audit plays a vital part in the single audit process. Here are some things to consider if you’re …

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Arizona school district audit updates

In 2018, Arizona Revised Statute (A.R.S.) §15-213 was amended by law to limit audit contracts for school districts to a maximum of three years. A school district may not hire the same auditor or auditing firm for more than three consecutive years. Prior to this change, there were no limitations on the number of consecutive …

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Coming soon: GASB’s new lease standard

The Governmental Accounting Standards Board (GASB) is set to release a new standard dealing with leasing later this month. The new lease standard is set to be effective for reporting periods beginning after December 15, 2019 and earlier application is encouraged. If you are a state or local government that is involved in leasing, then …

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Auditee requirements under Uniform Guidance related to audit findings

Auditee responsibilities under Uniform Guidance § 200.511 establishes reporting requirements related to follow-up of prior year audit findings and corrective action for all current year audit findings. Effective in November 2015, auditees are required to prepare a summary schedule of prior audit findings, and a corrective action plan for current year audit findings. The summary …

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Understanding Government and Nonprofit Auditing Risks

School districts, townships, municipalities and special districts make up roughly 90,000 local government entities throughout the United States that require an audit by a CPA firm. Additionally, more than 1.5 million tax-exempt organizations in the U.S. also require an audit at year-end. Audits of these types of organizations require planning, testing, and reporting requirements to …

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