Getting capital asset listings ready for audit

All private or public organizations need to keep an accurate record of their assets for many reasons. One reason is so capital asset listings are ready for audits. Don’t miss: Implementing Internal Controls Over Fixed Assets What are capital assets? A capital asset is defined by GASB as land, improvements to land, easements, buildings, building …

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First single audit?

Is this your first single audit? Did the American Rescue Plan funding push you over the threshold to require a single audit? You might be in luck! The Governmental Audit Quality Center (GAQC) recently sent out guidance regarding smaller entities receiving federal funds for the first time. Federal agencies realize the burden that the additional …

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Health matters, even during your audit

It’s that time of year again, audit time. For many, surviving another audit can be a rough ride. There is no denying that stress is high during audit time, pushing many near the brink of burning out. You focus so much on the audit many things are pushed to the wayside; sometimes this includes personal …

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Legal Compliance Questionnaire changes

Every year, the Charter Board publishes changes and updates to the legal compliance questionnaire. In the hopes to help our Charter schools minimize comments and “No” responses, here is a summary of changes to the current LCQ for FY21. Don’t miss: The end of the Comprehensive Annual Financial Report acronym Question #11 – Tuition question …

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The bank reconciliation process

The general ledger contains a record of your company’s cash transactions while the bank statement records all money moving in and out of an account. Theoretically these should result in the same cash balance, however, that is rarely the case. To ensure that these two items balance it is important to perform regular reviews called …

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Is fraud happening in your organization?

We know the fraud triangle is made up of opportunity, pressure and rationalization. For many businesses, all three can occur. Dishonest employees learn the ins and outs of your organization and find ways to commit fraud without raising suspicion. Discussed below are the three biggest areas employee fraud can occur within your organization. Don’t miss: …

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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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