Pros and cons of company credit cards

There are many risks associated with issuing employees company credit cards and p-cards, however outside of those risks there are many benefits to having such cards available for use. Here’s a quick look at the pros and cons of company credit cards and tips to mitigate the risks. Don’t miss: Managing compliance risks Company Credit …

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Managing compliance risks

For many, managing compliance risks can seem like a daunting task. As such, here are some tips to consider when evaluating your approach to compliance risks management. Don’t miss: Materiality in accounting Begin With a Risk Assessment Compliance risks can’t be managed if you aren’t aware of your actual risks. Without assessing your risks compliance …

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Materiality in accounting

You may have heard the terms “material” and “immaterial” being thrown around in the financial world, especially when it comes to financial statements. Understanding what materiality in accounting is will greatly help your overall comprehension of the accounting process and will also give you insight into what we look for as auditors. Don’t miss: Getting …

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Getting capital asset listings ready for audit

All private or public organizations need to keep an accurate record of their assets for many reasons. One reason is so capital asset listings are ready for audits. Don’t miss: Implementing Internal Controls Over Fixed Assets What are capital assets? A capital asset is defined by GASB as land, improvements to land, easements, buildings, building …

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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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