Auditing Resources : Financial Audits

Best practices for financial accounting and reporting

This page offers access to three excellent resources for local government organizations looking for guidance and best practices as they set up and manage their financial accounting and reporting.

National Association of State Comptrollers (NASC) 

Internal control questionnaires may be helpful to management in assessing the design and effectiveness of internal controls over financial reporting. These questionnaires, developed by NASC and our Office, are designed for large or mid-size governments. To learn more about internal controls, visit the NASC resources web pages, or refer to the Internal Control Guidebook (pdf, 217 kb).

Government Finance Officers Association (GFOA)

GFOA Best Practices - maintains a list of best practices which identify specific policies and procedures to improve government management. Over 150 best practices and advisories are listed, with more added or updated every year, including:

GFOA CAFR Checklist - The Governmental Financial Officers Association (GFOA) publishes a checklist for reviewing Comprehensive Annual Financial Reports (CAFR) prepared in accordance with GAAP. This checklist is published for purposes of their CAFR certification program and should be used by management as part of the financial statement preparation process if applying for a CAFR certification from GFOA. For governments not preparing a CAFR, the checklist is still a useful tool for review, since it represents the "gold standard" for financial statements.

Government Accounting Standards Board (GASB)

Government Accounting Standards Board (GASB) - The GASB sets Generally Accepted Accounting Principles (GAAP) for state and local governments. Their official website includes resources, news and information about GAAP standards. Governments may also respond to draft standards and discussion documents or submit technical questions to GASB staff.

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