Did you know that audit firms 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 Public Accountants …
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 …
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 …
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 …
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 …
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 …
The AICPA Governmental Audit Quality Center has some resources available for auditees to assist you in having a smooth and efficient audit. The Center outlines five steps that you, as an auditee, can take to improve the quality of your audit. The first step is to ensure that your auditors are properly qualified and have …
It does not matter what industry or profession you are in, analytics can play a vital role in making a business decision. Whether it is to determine collectability in accounts receivable or project future revenues, analytics can help with the decision making process. However, what makes a good analytic, or perhaps more importantly, what do …
Often times, School Districts and Charter Schools are busy running the operations of their organization that they forget how much preparedness is needed for their annual or biennial audits. The summer time is a great time to take a moment to look through the items your auditors often ask for each year and do a …
Recently the State of Arizona began requiring Generally Accepted Government Auditing Standards (GAGAS) audits, or Yellow Book audits, of all Title 48 Governmental Districts with just a few exceptions. This has required smaller governmental entities, largely in more rural areas, to include these requirements in their overall financial statement audits. But you may be asking …