When performing an audit for a court in the state of Arizona, auditors use a “Guide for Independent Review” to perform testing over controls and cash receipts, along with cash disbursements. In the most recent update, effective January 1, 2021, new areas for testing have been added. Those areas suspense/hold monies, overpayments and bonds over …
It’s that time of year again, audit time. For many, surviving another audit can be a rough ride. There is no denying that stress is high during audit time, pushing many near the brink of burning out. You focus so much on the audit many things are pushed to the wayside; sometimes this includes personal …
Recently, a number of our clients have reached out to us regarding the accounting treatment for pension obligation bonds. Specifically, people want to know about any accounting treatment they should consider when factoring in GASB 68. Even though GFOA advises against governments issuing pension obligation bonds, it is clear that the interest rates on taxable …
The United States Department of Homeland Security, as well as other cybersecurity organizations, have formally released an alert warning about the new COVID cyber threats and strategies cyber hackers are using to gain access to confidential information. Don’t miss: School district procurement due diligence and written determinations Titles containing key words involved in the pandemic …
Within the procurement section of the USFR, multiple questions are centered around if a school district has maintained documentation showing due diligence and written determinations were completed regarding cooperative agreements used by the district. The Arizona Auditor General defines these as: Due Diligence: The process of obtaining and reviewing documentation to verify that the procuring …
Recently, The Governmental Accounting Standards Board released its Implementation Guidance Update for 2021. Within this update, an amendment was made for the following question: “Should a government’s capitalization policy be applied only to individual assets, or can it be applied to a group of assets acquired together? Consider a government that has established a capitalization …
Every year, the Charter Board publishes changes and updates to the legal compliance questionnaire. In the hopes to help our Charter schools minimize comments and “No” responses, here is a summary of changes to the current LCQ for FY21. Don’t miss: The end of the Comprehensive Annual Financial Report acronym Question #11 – Tuition question …
Recently the acronym for the commonly used Comprehensive Annual Financial Report (CAFR) has come under fire due to what it represents when said amongst some groups in South Africa and other parts of the world. To avoid misunderstandings, you will soon start seeing Annual Comprehensive Financial Report (ACFR) instead. You may be wondering what that …
With an expected completion date in 2024, the Valley’s light rail system will be getting a 5.5-mile extension, bringing it to a total of 32 miles long. The newest extension will run from the downtown Phoenix hub to Baseline Road in South Phoenix. This extension will add eight stations and two park and rides, as …
A common question as we have spent the last year working from home and being very cautious about visiting public places, including our own office. How have government agencies handled this transition to work from home? Don’t miss: Don’t forget about GASB 84! There is a wide range in what our clients have experienced and …