The State Auditor’s Office and MRSC expand financial policy guidance

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(Repost from MRSC’s blog. Original available here.)

By Toni Nelson, MRSC

Financial policies are an essential component of any local government’s financial health, but financial policy needs vary considerably from jurisdiction to jurisdiction. Different types of entities (cities, towns, counties, and special purpose districts) have different needs depending on size, scope of activities, organizational and staffing structures, contractual and program structures, and the governing body’s values and priorities. A boilerplate, one-size-fits-all approach will not work – but how do you know what policies you need, or what approach is right for your jurisdiction?

Well, MRSC is here to help! Working in partnership with the State Auditor’s Office Local Government Performance Center, we’ve just launched a series of online resources to help local governments in Washington State develop and adopt effective financial policies and procedures, as well as complying with SAO’s policy requirements as currently prescribed by BARS and recommended during audits. Continue reading

New checklist for Cash Basis financial statements

Checklist screen capture.JPGThe State Auditor’s Office is responsible for examining the financial affairs of all local governments in the state. We conduct more than 2,000 audits of local governments each year. Using the results of those audits, our Office then evaluates the overall patterns and that were reported. The audit exception that has been identified most frequently in the past several years is a lack of internal controls over accounting and financial reporting. Continue reading