Accounting and reporting standards and guidance for leases are changing for both GAAP and cash basis local governments, effective for fiscal years ending December 31, 2020, and after. Although you won’t be preparing your financial statements and notes until early 2021, those first lease payments under the new standard will begin to flow in January 2020. Will you be ready?… CONTINUE READING →
The Audit Connection Blog
Results for: Financial management
Every government in Washington has a duty to safeguard the resources entrusted to it; our new guide shows you howSeptember 26, 2019
Segregation of duties, or separating conflicting duty assignments in your government, can help protect your local government’s assets. But which duties do you segregate, and what are your options if you cannot feasibly do this? What if you are a very small entity with limited resources?
Our Office recognizes how challenging this can be, so the Center for Government Innovation created a new resource to help you get started, no matter your size.… CONTINUE READING →
The Center for Government Innovation has published two new resources to help local governments identify best practices for two different, but possibly related areas: credit card programs and travel expenditures.… CONTINUE READING →
Curious where the State Auditor’s Office gets its funding from, and how it spends that money? As part of our ongoing effort to increase transparency in government, we made a simple explanation of our $47.1 million budget for 2018.… CONTINUE READING →
Local governments are beginning to implement GASB Statement No. 83 on asset retirement obligations, or ARO’s, which is effective for reporting periods beginning after June 15, 2018. To help local governments begin, the Center for Government Innovation has published a new resource to help you identify asset retirement obligations in Washington.… CONTINUE READING →
YAKIMA – The Office of the Washington State Auditor published two audits of the City of Wapato today, documenting significant violations of government standards. The accountability and financial audits include eight findings, an unusually high number and cause for concern. The State Auditor’s Office (SAO) also issued a letter to Wapato leadership responding to concerns that the public raised about the city. The reports come after SAO issued a fraud report in February detailing a $300,000 misappropriation in Wapato.
“These audits speak to a basic lack of accountability and transparency in the city,” said State Auditor Pat McCarthy. “It is important the State Auditor’s Office shine a light on issues that need public attention, and the situation in Wapato is deeply concerning.”
Governments in Washington must exercise care when creating and implementing programs to compensate employees beyond their base salary.
This article offers items to consider specific to performance-based incentive pay. The following is intended for informational purposes only – always consult your government’s attorney for specific legal advice on these matters.… CONTINUE READING →
BBB. Recently, the Performance Center provided several resources on accounting for capital assets to help local governments with financial reporting. Another group of assets, which fall below a government’s capitalization threshold, should also be considered when establishing and evaluating asset policies and other internal controls. In Washington, we frequently refer to these as “small and attractive assets,” but they these could be described using different terminology.… 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.… CONTINUE READING →
Recently, the Performance Center provided several resources on accounting for capital assets to help local governments with financial reporting. Another group of assets, which fall below a government’s capitalization threshold, should also be considered when establishing and evaluating asset policies and other internal controls. In Washington, we frequently refer to these as “small and attractive assets,” but they these could be described using different terminology. For example, the Government Finance Officers Association refers to them as “controlled capital-type items” in its best practice guidance.… CONTINUE READING →