Government Reporting of Tax Abatements

The GASB issued an exposure draft, Tax Abatement Disclosures, for public comment in October 2014. The period for public comment ended just a couple of weeks ago and now the Board will evaluate comments and may issue a new statement this August that will provide guidance on how governments should disclose tax abatements. The proposed …

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A Brief Look at GASBS 71

GASB Statement number 71 has been issued for the simple purpose of amending one paragraph in GASB Statement 68. Because of this, it is required to be applied in the same year of implementing GASB 68. Also, it is only going to be used in the first year of implementing 68, the transition year, and …

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Single Audit Reform

We’ve been waiting a while for this, as single audit reform has been an ongoing conversation for a few years. There will be a number of changes to single audit requirements as well as some changes to the single audit process. For now, since these changes won’t take effect until 2015 calendar year-end audits, the …

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Is Your School Ready for Its Audit?

Often times, School Districts and Charter Schools are busy running the operations of their organization that they forget how much preparedness is needed for their annual or biennial audits. The summer time is a great time to take a moment to look through the items your auditors often ask for each year and do a …

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Fraud Risk Assessments in Government

You may have heard your auditor ask you in the past whether management is doing a fraud risk assessment on a regular basis.  You may also have heard them ask how often the results of that assessment are being communicated to your board.  In many of the governmental entities we’ve done fraud questionnaires with, it …

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Best Practices for Data Backup

As an organization you are responsible for the confidentiality, integrity and availability of all documents in your care. Your organization should have formal, routine backup procedures in place to ensure you have access to essential information in the event that your documents, files or even your computer systems are damaged, lost, stolen or otherwise unavailable. …

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How to prepare a SEFA for a single audit

Single audits are designed to be a cost-effective way of determining whether or not federal grant money is being used properly. 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 …

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Why is the Auditor Really Asking about Misappropriation of Assets?

Ideally, as auditors, we rotate the staff we question during our annual audit internal control assessments.  Typically, we inquire of their knowledge of fraud, including such things as “misappropriation of assets.”  In some cases, lower level staff members of the auditee have difficulty coming up with answers, and will offer a negative response without appearing …

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Authorized Bank Accounts for Public Schools

Recently there have been a few schools in the news with headlines regarding unauthorized bank accounts.  Have you recently looked through the list of bank accounts your School District has?  If not, you may want to schedule a reminder each year to review your compliance with your bank accounts. We would recommend that you schedule …

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Documenting (or Updating) Accounting Policies and Procedures

Management has the responsibility to design, implement and communicate internal controls over the accounting and financial reporting of their organization. One method of doing so is the formal documentation of accounting policies and procedures. Not only will a set of formal policies and procedures help to ensure consistency and control over your organization’s accounting and …

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