The Audit Connection Blog
Useful lives of capital assets: An important estimate
With the condition of infrastructure serving as a point of national discussion, useful life estimates for capital assets make for a timely accounting topic. Governments must maintain support for the useful life estimates they use for assets, and have a process to reassess the estimates periodically. ... CONTINUE READING
How your public auditors spent 2017
Your public auditors were busy in 2017. The Office of the Washington State Auditor published more than 2,000 reports covering a wide spectrum of topics. ... CONTINUE READING
Kenmore showcases love of community
At the Office of the Washington State Auditor, one of our primary functions is to evaluate the finances of governments across the state. But did you know that what we do goes beyond the bottom line, and into the very heart of what makes a government function well and connect to its residents? This emotional tie is what is at the heart of our newest video, “For the Love of Kenmore.” It’s about helping local governments in Washington find, as Kenmore City Manager Rob Karlinsey puts it, “value beyond the purely financial.” ... CONTINUE READING
Additional Accountability Audits Funded by Legislature
Large state agencies will get more in-depth reviews and smaller agencies will get more frequent accountability audits thanks to a boost in funding included in the supplemental state budget approved Thursday.The Office of the Washington State Auditor requested an additional $700,000 to support accountability audit work, and the Legislature agreed. Accountability audits are a specific type of audit that evaluate whether there is reasonable assurance the state agency adhered to applicable federal or state laws, regulations and its own policies and procedures, in addition to accounting for public resources. ... CONTINUE READING
OPEB reporting update (GASB 45 to 75) serves as a reminder: Don’t forget about previous statements
Plenty of attention surrounds a new Governmental Accounting Standards Board (GASB) statement in the year it is implemented. Then we tend to forget about them in subsequent years. Not all GASB statements are relevant or material for all governments in the year they are implemented, but all governments should continue to monitor them. ... CONTINUE READING
New standard out for auditors assessing a government’s financial condition
Part of management’s responsibility for financial reporting and safeguarding of public resources is to regularly evaluate its financial condition and develop plans to address any serious issues. For financial reporting, both the Budgeting, Accounting and Reporting System (BARS) Manual and the Governmental Accounting Standards Board (GASB) Statement No. 56 require disclosure in the notes to the financial statements regarding any situations that give rise to a substantial doubt about the government’s ability to continue to operate, along with management’s plans to address the situation. ... CONTINUE READING
Brand name procurement carries extra requirements when using federal funds
In the Winter newsletter, there was an article clarifying the differences between brand name specification versus sole source procurement. There are additional requirements for brand name procurement when federal funding is used. ... CONTINUE READING
King County Water District No. 125 receives a Stewardship Award
Earlier this week, State Auditor Pat McCarthy recognized the King County Water District No. 125 for their commitment to making government work better and promoting a culture of accountability with a State Auditor’s Office Stewardship Award. ... CONTINUE READING
Washington Auditor’s acclaimed Financial Intelligence Tool to be an example of leading practice at Pew Charitable Trust national conference
The Office of the Washington State Auditor is a national leader in developing and applying tools to assess and display information about local governments’ financial condition. That’s why the Pew Charitable Trust has invited the Office of the Washington State Auditor to speak at its State and Local Fiscal Health Workshop on February 27 in Boston, Massachusetts. ... CONTINUE READING
New Checklist Can Help School Districts Improve Reporting Processes
The Performance Center recently released a new resource to help school districts using the F196 reporting model improve their accounting and financial reporting. ... CONTINUE READING