Our Office is committed to helping governments improve their operations. One way the Auditor’s Office does that is by leading Lean workshops for governments that ask for help improving a process. However, we also look for ways to improve our own Office as well, and we want to share the results of our process improvement efforts during 2017. Continue reading
Last fall, we posted an article strongly encouraging governments to start evaluating activities that might be classified as fiduciary activities under the Governmental Accounting Standards Board’s (GASB) recently issued Statement No. 84. The changes to fiduciary activity reporting are right around the corner – effective for reporting periods beginning after December 15, 2018 – and affect not only governments that report under generally accepted accounting principles, but those that report using the cash-basis accounting model as well.
It might be tempting to put off consideration of this new standard until all the guidance and examples are issued, especially for cash-basis governments that follow the Budgeting, Accounting and Reporting System (BARS) Manual. However, dedicating the time now to understand where fiduciary activities exist within your organization will put you in the best position to effectively implement these changes.
To help in your evaluation, we recommend using our Best Practices for Implementing New GASB Standards along with the specific suggestions below for getting started. Continue reading
We have learned that not all banking institutions are providing a detailed breakout of cash and checks on bank validated deposit slips. If your banking records do not contain the detailed cash/check composition of your deposit, you will want to take corrective action as soon as possible. Continue reading