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The Audit Connection Blog

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Beware of employee fraud in the digital payment age

November 17, 2021

Local governments are moving away from traditional paper checks to more efficient and lower-cost digital payments, like direct deposit, automated clearinghouse (ACH) payments, electronic funds transfers (EFT), and wire payments. And the benefits are clear: You can pay a variety of vendors seamlessly, process employee payroll faster, and easily transfer funds between multiple bank accounts.

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Protect your government from credit card fraud

November 16, 2021

The COVID-19 pandemic has likely forever changed how we purchase goods and services—at home and at work. E-commerce and contactless payment options have become the norm, and many governments have transitioned to using credit cards for the majority of purchases and for receiving payments. But as more online transactions occur, fraudsters also have more opportunities to steal credit card information. And judging from loss reports to the State Auditor’s Office, the fraudsters are finding success in their schemes.

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Board members have a role to play in fighting fraud

November 15, 2021

Electeds and boards are responsible for ensuring management has designed and put in place effective controls to manage fraud risk. In this article, we examine the role of electeds and boards – shorthanded throughout as “boards” – in preventing fraud, and offer tips to implement customized policies and best practices.

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Is it time to review your deposit practices?

November 4, 2021

When was the last time you reviewed and updated your deposit process? Deposits become so routine that it is easy to forget that your internal controls might need adjusting as your financial activity changes over time. On top of that, there are new options and technology for deposits that can help you strengthen your security measures. SAO offers a few tips and resources to help get you started.

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balance sheet and calculator on accountant's desk.

Good news on pension funding might mean changes for government financial reporting. SAO has guidance on how to report it

November 3, 2021

Since reporting a net pension asset can be cumbersome and complex for governments that haven’t had to do this previously, the pension experts at the State Auditor’s Office have compiled some guidance on how to report it in your financial statements. This article identifies which pension plans are reporting a net pension asset and explains how to report your restricted net position and a negative pension expense.

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Keep software current to reduce cybersecurity risk

October 26, 2021

If you’re a smaller government without your own full-time information technology staff, you might find it challenging to stay on top of IT-related maintenance. Larger entities have entire departments dedicated to maintaining computer infrastructure, while you may be working with a part-time contractor or even volunteers to meet your IT needs. And that’s okay, but remember: having the latest security software, web browser and operating system on your devices is an important defense against cyberattacks.

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