Is fraud happening in your organization?

We know the fraud triangle is made up of opportunity, pressure and rationalization. For many businesses, all three can occur. Dishonest employees learn the ins and outs of your organization and find ways to commit fraud without raising suspicion. Discussed below are the three biggest areas employee fraud can occur within your organization. Don’t miss: …

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GFOA blue book gets an update

The Government Finance Officers Association (or GFOA) is a professional association of state, provincial, and local government finance officers in the United States and Canada. They have recently published the Tenth Edition of Governmental Accounting, Auditing, and Financial Reporting (GAAFR or “Blue Book”) in July 2020. Don’t miss: Yellow book changes GFOA is an organization in …

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What’s the deal with conflicts of interest?

In recent years conflict of interest reporting has become a major topic of discussion during audits, but why? First a conflict of interest can be identified as this: “Any public officer or employee of a public agency who has, or whose relative has, a substantial interest in any contract, sale, purchase or service to such …

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Yellow book changes

Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the “Yellow Book,” were revised and issued in July 2018 by the U.S. Government Accountability Office (GAO). For financial audits, attestation engagements, and reviews of financial statements, the changes in the 2018 Yellow Book are effective for the periods ending on or after June 30, …

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Legal compliance questionnaire changes

Every year the Charter School Board publishes the current year changes for the Uniform System of Financial Records for Arizona Charter Schools (USFRCS); also known as the Questionnaire or State requirements. This Questionnaire provides guidelines based on Arizona State Legislature for Charter Schools to comply and hold accountable for financial reporting. As a reminder, Charter …

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The importance of segregation of duties

Perhaps one of the most crucial controls an entity can have is the segregation of duties. Basically, this requires multiple people within a process to complete an objective so that no one is in charge of the process from start to finish. As you begin to think of the different processes within your entity and …

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AELR CFO designations needed

Do you file an Annual Expenditure Limitation Report, or an AELR? If so, did you know that, beginning in fiscal year 2021, you are required to submit to the Auditor General by July 31st who will be officially be signing the report? Per A.R.S. §41-1279.07(E), every county, city, town or community college district must provide …

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USFR for Arizona school districts: Procurement

When Arizona school districts undergo a financial statement audit, a compliance review is also conducted. This review is meant to evaluate whether the school district is compliant or non-compliant with the Uniform System of Financial Records for school districts, commonly referred to as the USFR. The compliance review report is based primarily on the compliance …

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OMB exemptions related to the expenditure of federal awards and COVID-19

With the widespread impact of the COVID-19 virus, the Office of Management and Budget (OMB) has released various memorandums offering advice, direction and relief through the relaxation or easing of the administrative requirements related to the expenditure of federal funds. Initially the OMB’s memo’s focused on providing relief or flexibility only to recipients performing essential …

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Accounting for a pandemic

This pandemic has changed almost every aspect of our lives. With more people working from home, changes to our business operations, personnel and their roles, we see a plethora of moving pieces that make this time challenging. Business is changing, has changed, and we are sharing some tools for moving forward, accounting for a pandemic. …

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