Implementing Internal Controls Over Fixed Assets

Internal controls are vital processes which help protect an organization and promote efficiency. Fixed assets in general tend to have a lower risk for fraud due to the difficulty associated with stealing it, but it is still a good idea to implement internal controls over fixed assets. Don’t miss: Avoid a single audit with this …

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Avoid a single audit with this alternative

Through the Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) program, over $350 billion have been distributed by the Treasury to more than 30,000 entities. Because of the aggressive funding, many small, local governments have received far more funding than they ever have before which has triggered a single audit requirement. However, there is a …

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Net investment in capital assets calculation requirement

Did you know you are now required to include a file containing the calculation of net investment in capital assets? This file is reported on your government-wide statements of net position for both governmental and business-type activities with your ACFR submission package to GFOA. You need it to receive your Certificate of Achievement for Excellence …

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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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