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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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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