Update to GASB re-examination of the reporting model spring 2020

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 …

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Schools and deadlines during COVID-19

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 …

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Audit vs Review vs Compilation

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 …

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Travel expense reimbursement issues at Northern Arizona University – The case for re-evaluating, reviewing and testing travel reimbursement policies and procedures in local governments

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  findings of travel expense reimbursement issues, mainly that the “University inappropriately paid for $40,277 of the President’s and her spouse’s travel  expenses that conflicted with policies and lacked …

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Your audit, from good to great

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 …

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Internal audits?

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 …

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Fraud trends to be aware of

There has been an increased number of ransomware attacks reported in the last year including municipalities in the state of Texas, as well as attacks on the cities of Baltimore and Atlanta. It should not be a surprise that data breaches continue to be one of the top fraud trends. Unfortunately, ransomware is not the …

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$21 million missing and the government is to blame

I recently came across an article about a small town in Virginia, who allegedly had $21 million missing all due to the top tier of the County Government individuals. Front Royal, Virginia is in Warren County and had big plans for the growth of buildings, jobs, and other developments within the town. These big new plans …

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Compilation, review or audit: What’s the difference?

For a CPA these three words have a very distinct meaning. But to the non-auditing world, these words can have very different meanings. As the client, you may have found yourself wondering what these words really mean. Should you look into a compilation, review or audit? This article will provide a crash course in audit …

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How to create an efficient meeting

We previously posted a blog on how to reduce the number of meetings you attend. Once you actually step into a meeting, how do you make the most of your time in that meeting and make it more efficient? There is always additional information or topics that tend to creep into the meeting which can …

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