Do you file an Annual Expenditure Limitation Report? 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 to the Auditor …
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. Don’t miss: Your audit …
Many of you are following the progress GASB is making in re-examining 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 summer 2020. …
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 …
A CPA can perform a number of services for an organization based on the organization’s needs. Typically, the three financial statement engagements are an audit, review or compilation. In all three instances the result is a set of financial statements, that are the responsibility of the organization’s management, where different assurances are provided by the …
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 only one finding, that the “University inappropriately paid for $40,277 of the President’s and her spouse’s travel expenses that conflicted with policies and lacked appropriate documentation, which put …
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 …
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 …