The Journal of Accountancy is a great resource for all things accounting. From fraud schemes to new accounting standards to the latest technology, the Journal covers it all. They also regularly have quizzes you can take to test your knowledge and skills for various areas. Recently, I came across a quiz they created for “Best …
In 2018, Arizona Revised Statute (A.R.S.) §15-213 was amended by law to limit audit contracts for school districts to a maximum of three years. A school district may not hire the same auditor or auditing firm for more than three consecutive years. Prior to this change, there were no limitations on the number of consecutive …
Government employers need to be aware of two rate increases this year. One is the standard mileage rate set by the IRS and the other is the minimum wage rate set by Arizona voters. Standard mileage rate Every year, the IRS establishes a standard mileage rate and this year is no different. Many government entities …
I have attended several governmental conferences over the past few years and looked around the room and wondered where is the generation that will assume the finance responsibilities in 10 to 20 years. Governmental finance is a specialty and is not covered in detail at colleges and universities. You should be thinking outside the box …
It’s the holiday season – you’re busy, your staff is busy, life is full of interruptions, and for you December 31 ending governments out there, you’ve still got to close your books at year-end. There’s only so much time between your actual year-end, when your entity is really performing closing entries to begin your annual …
Single audits are designed to be a cost-effective way of determining whether federal grant money is being properly expended. It is up to the entity to establish and maintain a system of controls that will give reasonable assurance that the grant is being spent within the laws, regulations and specific conditions of the grant. If …
The way governments have reported their fiduciary activities has varied at times and sometimes, they are not reported at all. GASB Statement 84 aims to correct this as well as other items effecting the fiduciary accounting world. Now is the time for an evaluation of all your activities to determine whether this GASB statement will …
Netflix recently released a documentary called “All the Queen’s Horses.” It details the story of Rita Crundwell, the perpetrator of the largest case of municipal fraud in American history. As the City Comptroller and Treasurer for Dixon, Illinois, Rita Crundwell embezzled more than $53 million of public funds over a 20-year period. The stolen funds …
The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …
In the accounting profession, work can get busy. So much so, that many of us have probably caught ourselves saying, “I was so busy at work today, but feel like I got nothing done.” In general, one minute of focused time equals four and a half minutes of unfocused time, and while people can switch …