The Latest Rules and Regulations That Impact Your Government Entity

Are you at risk for wages in kind fraud?

During the normal course of business, it is important for management to keep in mind when and why fraud may occur within their organization. By gaining an understanding of what motivates employees to commit fraud, management can assess risks and apply procedures to their daily operations to reduce the opportunities available to commit fraud. The …

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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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Preparing special reports

Although unusual, there are several instances when reporting is intended to not be in conformity with GAAP. Special reports help an auditor view information in a way other than in the typical financial statement format. These reports are not extremely common, but when it is applicable, it is important to fully understand if and why …

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Tips for avoiding corporate fraud

Unlawful acts performed by an individual or company in unethical manner is known as business or corporate fraud which not only impacts the business but the employees and outside parties as well. Although it can be difficult to prevent and catch, a business can limit the extent of fraud through things such as policies, checks …

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What is the aggregate expenditure limit?

Arizona schools and the state legislature have been in the news recently over the aggregate expenditure limit, but what does that really mean? To fully understand we must go back to 1980, when Arizona voters passed a measure that limits how much Arizona schools (K-12) can spend within a school year. This became known as …

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What does the future of accounting look like?

As business, technology and economics change, we can only assume that how we account for these activities will change as well. As accountants begin to play new roles in how companies account and track their finances, new aspects such as AI, cryptocurrencies and environmental factors become more important than ever. MIT researchers have come out …

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COVID federal funding for governments update

As most of you know, there have been many changes to COVID funding. To better help you navigate these changes, your Henry+Horne government advisors recently hosted a webinar. We dive down into some detail of the new ARPA funding and describe the allowable and unallowable costs related to the new stimulus funding. State and Local …

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The Infrastructure Investments and Job Act is here

Over the last 18-24 months, there have been numerous bills signed into law, including the CARES Act, Omnibus COVID Relief Act, ARPA and most recently the Infrastructure Investments and Job Act (IIJA).  The IIJA is not to be confused with the Build Back Better Act, which is still going through congress. The Infrastructure Investment and …

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The importance of audit evidence

Audit evidence simply put is the documentation support and the information collected that allows your auditor to review your entity’s financial transactions, internal controls, and other items necessary to allow your auditors to certify the financial statements. This support and information requested by your auditor will vary not only by the entity under audit but …

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Help wanted but high unemployment

It is no secret that COVID-19 has affected the world as we know it. When the pandemic started, the unemployment rate skyrocketed seemingly overnight due to forced closures in order to limit the spread of the virus. The unemployment rate is now 6% but if you walk into any restaurant or retail business a “We’re …

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