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The Audit Connection Blog

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Reviewing bank passbook saving account balance and cash flow statement analysis for a return on investment, ROI, and business performance

Lessons learned: Schedule 06 and documenting bank reconciliations

September 29, 2020

We’re jumping into some lessons learned from the 2020 filing season regarding Schedule 06 – Summary of Bank Reconciliations. Even if you don’t file a Schedule 06, these tips are useful when preparing any bank reconciliation, or other schedules or reports. These were identified as the most common areas of emphasis when SAO staff helped clients in 2020.

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Nice To See You, WFOA 2020!

September 21, 2020

Staff from the Office of the Washington State Auditor are happy to (virtually) join our colleagues here to connect as we all navigate the COVID-19 pandemic. We have a lot to share with you.

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Black information board with "delayed" message.

GASB delays implementation of new standards

September 18, 2020

In May, the Governmental Accounting Standards Board (GASB) voted to delay implementation of several new accounting standards. The decision by GASB took effect immediately, and came in response to requests by governments across the country grappling with the coronavirus pandemic.

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Close up coffee table full with papers invoices cheque bills, female hands holding receipt calculating company expenses.

SAO hourly billing rate remains the same

September 18, 2020

Last year, our goal was to maintain the local audit hourly billing rate for two years, through 2021. Although we did not plan for the fiscal challenges of a pandemic, we have determined that, by changing some of our operations and making internal cost adjustments, we will be able to meet our goal and leave the rate unchanged from 2020. However, if any unforeseen significant costs (i.e., COVID-19 or legislative funding changes) occur that we cannot adjust for, a billing adjustment may be necessary.

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FRAUD Button on Computer Keyboard

How to prevent ACH and bank fraud

September 18, 2020

Automated Clearing House (ACH) frauds have been on the rise for a while, and we want to tell you some simple steps you can take to properly verify ACH and payroll bank account changes before making changes.

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