The Audit Connection Blog
Auditor’s Office announces increase in hourly billing rate
This week, our Office notified local governments across Washington of a modest adjustment to our hourly billing rate that begins next year. ... CONTINUE READING
Positive Pay can help protect your organization from check fraud
Check fraud is a common financial crime here in Washington and nationwide. According to the American Bankers Association, check fraud accounted for 32 percent of the banking industry’s losses in 2015. ... CONTINUE READING
Repost from MRSC: Big Cybersecurity for Small Jurisdictions
From our friends at MRSC: Mike Kaser, IS Director for the City of Mercer Island, weighs in on protecting local governments from cyber attack. You can read the original here. ... CONTINUE READING
Make sure to meet requirements when purchasing using 'piggybacking' method
“Piggybacking” refers to one local government making purchases from contracts awarded by another government or group of governments via an interlocal agreement or contract. ... CONTINUE READING
Other post-employment benefits (OPEB) update
We’re already halfway through 2017, and 2018 is quickly approaching! GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, is effective for fiscal years ending in 2018. ... CONTINUE READING
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