Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the “Yellow Book,” were revised and issued in July 2018 by the U.S. Government Accountability Office (GAO). For financial audits, attestation engagements, and reviews of financial statements, the changes in the 2018 Yellow Book are effective for the periods ending on or after June 30, …
Every year the Charter School Board publishes the current year changes for the Uniform System of Financial Records for Arizona Charter Schools (USFRCS); also known as the Questionnaire or State requirements. This Questionnaire provides guidelines based on Arizona State Legislature for Charter Schools to comply and hold accountable for financial reporting. As a reminder, Charter …
Perhaps one of the most crucial controls an entity can have is the segregation of duties. Basically, this requires multiple people within a process to complete an objective so that no one is in charge of the process from start to finish. As you begin to think of the different processes within your entity and …
Do you file an Annual Expenditure Limitation Report, or an AELR? If so, did you know that, beginning in fiscal year 2021, you are required to submit to the Auditor General by July 31st who will be officially be signing the report? Per A.R.S. §41-1279.07(E), every county, city, town or community college district must provide …
When Arizona school districts undergo a financial statement audit, a compliance review is also conducted. This review is meant to evaluate whether the school district is compliant or non-compliant with the Uniform System of Financial Records for school districts, commonly referred to as the USFR. The compliance review report is based primarily on the compliance …
With the widespread impact of the COVID-19 virus, the Office of Management and Budget (OMB) has released various memorandums offering advice, direction and relief through the relaxation or easing of the administrative requirements related to the expenditure of federal funds. Initially the OMB’s memo’s focused on providing relief or flexibility only to recipients performing essential …
This pandemic has changed almost every aspect of our lives. With more people working from home, changes to our business operations, personnel and their roles, we see a plethora of moving pieces that make this time challenging. Business is changing, has changed, and we are sharing some tools for moving forward, accounting for a pandemic. …
Many of you are following the progress GASB is making in its re-examination of the reporting model developed largely from GASB 34. We at Henry+Horne are also keeping a close watch on the changes the board has tentatively decided on, in an effort to be ready for their much-anticipated exposure draft set to be released …
Brain health is easy to overlook, but it is also easy to improve. There are many benefits to improving your brain health. Two big ones are increased productivity at work, and an increase in overall quality of life and happiness. I have found that when I focus on one area, the others come naturally because …
As of March 13, 2020, we were notified that all schools would be closed as a preventative measure due to the COVID-19 outbreak. This has resulted in multiple effects in our general community among other things. From a business perspective, new questions have surfaced for the March 31 deadline. Don’t miss: $21 million missing and …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
Get the e-Book