The Latest Rules and Regulations That Impact Your Government Entity

Best Practices for Data Backup

As an organization you are responsible for the confidentiality, integrity and availability of all documents in your care. Your organization should have formal, routine backup procedures in place to ensure you have access to essential information in the event that your documents, files or even your computer systems are damaged, lost, stolen or otherwise unavailable. …

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How to prepare a SEFA for a single audit

Single audits are designed to be a cost-effective way of determining whether or not federal grant money is being used properly. It is up to the entity to establish and maintain a system of controls that will give reasonable assurance that the grant is being spent within the laws, regulations and specific conditions of the …

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Why is the Auditor Really Asking about Misappropriation of Assets?

Ideally, as auditors, we rotate the staff we question during our annual audit internal control assessments.  Typically, we inquire of their knowledge of fraud, including such things as “misappropriation of assets.”  In some cases, lower level staff members of the auditee have difficulty coming up with answers, and will offer a negative response without appearing …

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Authorized Bank Accounts for Public Schools

Recently there have been a few schools in the news with headlines regarding unauthorized bank accounts.  Have you recently looked through the list of bank accounts your School District has?  If not, you may want to schedule a reminder each year to review your compliance with your bank accounts. We would recommend that you schedule …

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Documenting (or Updating) Accounting Policies and Procedures

Management has the responsibility to design, implement and communicate internal controls over the accounting and financial reporting of their organization. One method of doing so is the formal documentation of accounting policies and procedures. Not only will a set of formal policies and procedures help to ensure consistency and control over your organization’s accounting and …

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Your responsibility for quality single audits

Beginning with the Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) took a leading role in single audits. Single audits are required of any organization who expends more than $500,000 in federal assistance during the year. In June 2007 the President’s Council on Integrity & Efficiency (PCIE) issued a report …

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Why Are My Auditors Doing A Yellow Book and Single Audit?

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 …

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Enterprise Accounting: Government Vs. Business

In the world of business financial reporting, readers of financial statements are primarily the owners/management of the business, its lenders, and possibly current or future investors. A government’s financial statements usually have a much wider impact. A government’s financial statements may be used as a tool to evaluate business and residential relocations, to determine the …

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“What You Should Know” – Guides for Local Government

Are you looking for an easy-to understand guide to various government financial statements to offer insight to new governmental financial reporting staff or to new council or Board members?  The GASB (Government Accounting Standards Board) “store” is currently offering several inexpensive comprehensive, yet readily understandable guides in the following areas: • Government Service Efforts and Accomplishments …

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