The Audit Connection Blog
GASB issues guidance on asset retirement obligations
The Government Accounting Standards Board (GASB) recently issued a new standard, GASB Statement 83, to provide accounting guidance on asset retirement obligations (AROs). ... CONTINUE READING
For 4th year in a row, more governments filing financial reports on time
Local governments are required to submit an annual financial report within 150 days after their fiscal year end under state law (RCW 43.09.230). Exhibit 1 illustrates that the number of governments meeting this requirement has increased for the fourth consecutive year. Exhibit 2 illustrates that 228 of the 302 governments that missed the filing deadline also missed the deadline in 2015. ... CONTINUE READING
The State Auditor's Office and MRSC expand financial policy guidance
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. ... CONTINUE READING
2017 NSAA IT Conference in Tacoma
We are excited to announce that for the first time in the history of the National State Auditor's Association (NSAA) IT Conference, Washington is the host state! ... CONTINUE READING
Auditor McCarthy: Financial reporting should be easy to read and understand
Since the original issuance of Governmental Accounting Standards Board (GASB) Statement 34 in 1999, the Office of the Washington State Auditor has found the resulting financial statement presentations to be unnecessarily complex, less timely and more costly for state and local governments to prepare and have audited. ... CONTINUE READING
Audit focus for schools in fiscal year 2016
School districts have asked the State Auditor’s Office to let them know in advance the areas they can expect auditors to emphasize in upcoming audits. ... CONTINUE READING
Filing workshops scheduled across Washington
The State Auditor’s Office is excited to bring back the popular annual report filing workshops. These workshops are designed to help local governments file their annual financial reports, and to meet the statutory requirement of submitting the report within 150 days of the close of their fiscal year. ... CONTINUE READING
GASB reporting model re-examination project
The Government Accounting Standards Board issued an invitation to comment on January 4 about potential changes to reporting of government funds, which GASB Chair Dave Vaudt recently described in a short video. ... CONTINUE READING
School district alert for phishing email attack
During the week of January 9, 2017, malicious hackers conducted phishing attacks from multiple school district employees’ email accounts. ... CONTINUE READING
ACFR Summary
We issued our state CAFR summary report December 27, 2016. Each year, our Office audits the state of Washington’s financial statements and reports the results in the Comprehensive Annual Financial Report (CAFR). This is a very long, complex document that contains vital information about our state’s financial condition. ... CONTINUE READING