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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Help wanted but high unemployment

It is no secret that COVID-19 has affected the world as we know it. When the pandemic started, the unemployment rate skyrocketed seemingly overnight due to forced closures in order to limit the spread of the virus. The unemployment rate is now 6% but if you walk into any restaurant or retail business a “We’re …

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New USFR procurement reporting question for school districts

For procurements completed beginning July 1, 2020 and a part of fiscal year 2021 audits, school districts have a new USFR procurement reporting question as follows “school districts demonstrating that they have taken steps to ensure that employees have not violated the gifting prohibitions”. But what are the gifting prohibitions? Don’t miss: Guide for independent …

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Guide for Independent Reviews has been updated

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 …

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Health matters, even during your audit

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 …

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Pension obligation bonds post GASB 68

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 …

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COVID cyber threats to be aware of

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 …

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