The Audit Connection Blog
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
Name brand procurements versus sole source contracts
Local governments have the ability to specify a name brand during their procurement process. In these situations, the government should thoroughly document why only this specific manufacturer’s equipment is necessary to meet their operational needs, as well as why another manufacturer’s equipment could not substitute. This documentation should be maintained and periodically evaluated to ensure that the specific brand is still required. ... CONTINUE READING
Pensions and other postemployment benefits (OPEB) update
The GAAP and cash basis BARS manuals have been updated, and the 2017 pension worksheet, notes and RSI templates are now available on our website at www.sao.wa.gov. The 2017 DRS Participating Employer Financial Information (PEFI) report is available at www.drs.wa.gov. Now that you have the information and tools you need to begin calculating your 2017 pension numbers, this is a great time to get started. As in the past, our Office will provide one-on-one assistance to local governments with their calculations. ... CONTINUE READING
Auditor McCarthy discusses her first year in Office: interview with Austin Jenkins
State Auditor Pat McCarthy sat down with TVW's Austin Jenkins in Olympia this week to talk about her first year in Office. Since taking Office in early 2017 as the 11th State Auditor and first elected woman Auditor, McCarthy has emphasized the importance of the Office's role in creating government transparency. "The Office is the public's window into government," McCarthy told Jenkins. Watch the full interview for more information on a variety of topics, including increasing accountability audits and cybersecurity efforts. ... 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