The Latest Rules and Regulations That Impact Your Government Entity

To Defer or not Defer, that is the GASB? A Look into GASB 63 and 65 – Part II

Last month our blog began a discussion regarding the changes to governmental financial statements based on GASB Statements 63 and 65.  This is the second part of that discussion. GASB Statement 65: GASB Statement 65 is going to be implemented for all governments with periods beginning after December 15, 2012. This means most governments with …

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To Defer or not Defer, that is the GASB? Part 1 – A look into GASB 63 and 65

The Governmental Accounting Standards Board has recently issued two GASB Statements that will affect the way a governmental entity presents its financial statements going forward.  Those GASB statements are GASBS 63 and GASBS 65.  We have broken this blog into two blogs.  Part I will discuss the ramifications of GASBS 63 and Part II will …

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Year-End Financial Closing Procedures

A timely reminder for those involved in the year-end closing process begins with establishing and documenting a process which includes overall timing, rationale, and format of the annual financial statement closing process.  This process should be reviewed annually in conjunction with authoritative guidance and regulations affecting the organization so that any procedures or accounting policies …

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Why Audit in Tough Economic Times?

With the economy still struggling to climb out of its downward spiral, clients are struggling to cut costs every place that they can.  Some clients’ audit needs are dictated by Arizona State Statute, federal loans or grants, or some other outside stipulation.  For entities that may have a choice, why should they spend money on …

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GASB 61 – The Financial Reporting Entity

Effective for periods beginning after June 15, 2012, GASB 61 added requirements that either a financial benefit or burden relationship be present between component units and a primary government to cause inclusion of the component unit in the reporting entity’s financial statements. If a government’s management determines that inclusions of certain component units which fail …

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New Auditee Resource Center on the AICPA Website

Henry & Horne is committed to achieving the highest quality audits.  As a member of the American Institute of Certified Public Accountants Governmental Audit Quality Center (GAQC), we have access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our …

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Updated Annual Financial Report (AFR) for Arizona School Districts

With the Annual Financial Report due next week, make sure to have the most up to date form by visiting http://www.auditorgen.state.az.us/forms_schooldistrict.htm.  The Arizona Auditor General recently released Memo 256 with a few updates to the form. In the memo, it explains the major changes that have occurred from last year’s form including the removal of …

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Who is the GFOA, and What Do They Do?

The Government Finance Officers Association (GFOA) as identified in their mission statement is an organization that was established to assist in the professional management of governments by developing and identifying financial policies and best practices through education, training, facilitation of member leadership and networking. The objectives of the GFOA are to offer expert knowledge, education, …

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Fraud Alert – Skimming

The Office of the Auditor General recently issued a fraud alert related to skimming, which is a scheme where cash is stolen before it is recorded.  There are two types of skimming; revenue skimming and accounts receivable skimming. The most common and the most difficult to detect is revenue skimming. Revenue skimming involves an employee …

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