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Tag Archives: financial report
Common SEFA Errors and How to Avoid these Hazards
What is the Schedule of Expenditures of Federal Awards (SEFA)? Oh yeah, it’s one of those documents my auditors are always asking about. Although it might seem like just another part of the audit preparation, the SEFA serves several very … read more
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Tagged federal programs, financial report, government, grants, Michael Lauzon, nonprofit, Single Audit
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Governmental Financial Statements….Where did These Numbers Come From?
For many governments, the audited financial statements are prepared on a basis of accounting that differs from that utilized in their general ledger accounting system. Audited financial statements are prepared in accordance with generally accepted accounting principles (GAAP) which are … read more
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Tagged accounting, balance sheet, financial report, financial statements, government, schedules
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Common Financial Reporting Deficiencies and Steps Your District Can Take to Avoid Them
Mistakes happen. Errors are part of life but they can be avoided and risk minimized with some planning. The first step in avoiding mistakes is to learn about the most common errors and determine what type of controls can help … read more
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Tagged accounting, audit, capital assets, cash, financial report, government, internal controls, payroll, school district
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GASB Statement No. 54 – A Refresher
The Governmental Accounting Standards Board (“GASB”) approved Statement 54 in February 2009 and made it effective for the fiscal year ending June 30, 2011. Implementation back in FY 10-11 required a deep analysis of an entities’ activity. In some cases, … read more
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Tagged accounting, adjustment, Arizona, capital project, classification, CPA, financial report, GASB 54, government, school district, special revenue
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