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The Audit Connection Blog

Results for: Financial management


Come try our new, improved Local Government Financial Reporting System

April 26, 2018

As a part of our continuing commitment to making information about local government operations around the state more transparent and accessible, we have updated the look and feel of our Local Government Financial Reporting System, or LGFRS. Our Office has long provided unaudited financial data filed by local governments on our website via LGFRS. This same tool has a new look and is now even easier to use and understand.

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When should I use enterprise funds?

April 20, 2018

Are you reporting your activities in the correct fund type? Local governments should analyze the services they are providing and determine if the fund types used are appropriate.

An enterprise fund is a fund that may be used to report any activity for which a fee is charged to external users for goods or services.  

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New standard out for auditors assessing a government’s financial condition

March 1, 2018

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.

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