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FY 2008 CAFR/Audit Highlights. Robert E. Byrd, CGFM County Auditor-Controller. CAFR and PAFR. CAFR and PAFR can be found at: http://www.auditorcontroller.org/opencms/publications/index.html. Official County Reports. Dazel Reports (July 2008 tab) include: June Final thru Period 12 Report

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fy 2008 cafr audit highlights

FY 2008 CAFR/Audit Highlights

Robert E. Byrd, CGFM

County Auditor-Controller

cafr and pafr
CAFR and PAFR

CAFR and PAFR can be found at:

http://www.auditorcontroller.org/opencms/publications/index.html

official county reports
Official County Reports
  • Dazel Reports (July 2008 tab) include:
    • June Final thru Period 12 Report
      • Run August 08, 2008.
      • This includes Period 1-12 only.
    • FY2008 Final Report
      • Run January 17, 2009
      • This includes Period 1-12 and Period 998 adjustments for FY 2008.
cafr audit highlights
CAFR/Audit Highlights
  • Audit was completed 1st week of December.
  • Positive feedback from external auditors.
  • Component Units submitted separate audited financial statements earlier than previous years.
sas 112
SAS 112

Communicating Internal Control Related Matters Identified in an Audit.

  • Requires auditors to communicate matters related to an entity’s internal control over financial reporting in 3 categories.
    • Control Deficiency
    • Significant Deficiency
    • Material Weakness
sas 112 continued
SAS 112-Continued
  • Material Weakness:
  • Identification of a misstatement by the auditor
  • Significant Deficiency:
    • Lack of controls over YE financial reporting
    • Control Deficiency
    • Lack of controls in one area
management letter
Management Letter
    • Control deficiencies were reduced from five in FY07 to three in FY08.
  • Comprehensive capital assets report is not available in the Financial System.
  • Lack of County-wide Fraud Prevention Program
  • Lack of proper documentation for terminating Financial System Users.
sas 114 report
SAS 114 Report
  • The Auditor’s Communication with those Charged with Governance
  • Requires external auditors to communicate certain significant matters related to the audit:
    • Significant findings
    • Accounting practices and policies
    • Accounting estimates
    • Difficulties encountered during the audit
    • Disagreements with management
    • Uncorrected misstatements (Passed audit differences)
sas 114 continued
SAS 114 - Continued
  • What are Passed Audit Differences?

Immaterial, uncorrected audit differences identified during the course of the audit process.

passed audit differences
Passed Audit Differences

Why passed audit differences are important?

  • The sum of multiple passed audit differences could accumulate to a material balance.
  • In FY08, two items were reported to the Board of Supervisors on SAS 114 Report:
    • Prior period adjustment posted in the current year.
    • Due to Other Governments: GL amount did not match YE Schedule for one selected department.
passed audit differences continued
Passed Audit Differences - Continued

Fiscal year 2008 SAS 114 Report to the Board:

what is the county departments role
What is the County Departments Role?

DAILY:

  • Ensure activity is properly posted to the proper Fund, Department and Account.
  • Establish and maintain internal controls to ensure information is properly and timely booked in the Financial System.
  • Follow generally accepted accounting principles.
what is the county departments role continued
What is the County Departments Role?-Continued

MONTHLY:

  • Reconcile Trial Balances:
    • Assets and liabilities must be supported by proper documentation (ie: outstanding billing invoices, outstanding vouchers, excel spreadsheets, etc.)
    • Accounts must have a natural balance
      • Research unusual credits in asset or expenditure accounts
      • Research unusual debits in liability and revenue accounts
      • Most balance sheet accounts should clear within a year.
what is the county departments role continued1
What is the County Departments Role?-Continued

MONTHLY-Continued:

  • Perform monthly invoicing to external/internal entities.
    • Do not wait until Year End (or the following year).
  • Submit Capital Assets forms and maintain AM Module up-to-date.
what is the county departments role continued2
What is the County Departments Role? - Continued

QUARTERLY:

  • Reconcile, reconcile, reconcile.
  • Provide quarterly flux and analysis to ACO as requested.
  • 3rd Quarter:
    • Submit Forms S-9, T-9 and V-9 timely and accurately.
      • Must tie to GL (Deferred Revenue, DFOG and DTOG)
    • Ensure your department will have sufficient appropriations for YE Accounts Payable Accrual!
what is the county departments role1
What is the County Departments Role?

YEAR-END:

  • Become familiar with the YE Calendar deadlines.
  • Submit all schedules and accruals by the due date (usually 3rd week in July).
  • Confirm data on YE Schedules:
    • Is it accurate?
    • Does it tie to the general ledger?
    • Is all supporting documentation included?
what is the county departments role2
What is the County Departments Role?

AUDIT PROCESS:

  • Provide comprehensive data to auditor’s inquiry.
  • Make information available to ACO and auditors such as billing invoices, receipts, payments, reports, spreadsheets, etc.
what is the aco s role in the audit process
What is the ACO’s Role in the Audit Process?
  • Audits the daily information provided by departments through journals, vouchers and receipts.
  • Publishes SPM’s and YE Manual to assist all departments maintain county-wide policies and procedures.
what is the aco s role in the audit process continued
What is the ACO’s Role in the Audit Process?-Continued
  • Reviews and implements new GASB pronouncements.
  • Establish chart of accounts.
  • Provides guidance and assistance to departments as needed.
what is the aco s role in the audit process continued1
What is the ACO’s Role in the Audit Process?-Continued
  • Compiles all YE Schedules, reconciliations and communications for external auditors.
  • Coordinates audit process with the external auditors.
  • Compiles the financial data into the CAFR.
how can we work as team
How can we work as team?

Communicating

Training

Cooperation with one another

2009 cafr audit
2009 CAFR/AUDIT
  • Q:When does the 2009 audit process start?

A: July 1, 2008

  • Q: Who are the external auditors?

A: Current RFP in progress to hire the new audit firm.

2009 cafr audit continued
2009 CAFR/AUDIT - Continued

INTERIM AUDIT:

  • Tentatively schedules for April/May 2009
  • Auditors may select multiple departments to evaluate internal controls.
  • Be available to meet auditors, discuss controls, document processes, explain programs, etc.
2009 cafr audit continued1
2009 CAFR/AUDIT-Continued

Component Units:

ACO to schedule annual meetings for April 2009 with each Component Unit.

2009 cafr audit continued2
2009 CAFR/AUDIT Continued

NEW GASB Implementations for FY 2009:

  • GASB 49-Accounting and Financial Reporting for Pollution Remediation Obligations.
who to contact
Who to Contact
  • Chart of Accounts

Chartofaccounts@co.riverside.ca.us

  • Simpler/CAFR/New GASB

ACOreports@co.riverside.ca.us

  • Year End

ACOYearEnd@co.riverside.ca.us

questions
Questions

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