Top Five Issues Discovered In Government Audits Presented by: Adam McCane.
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Transcript of Top Five Issues Discovered In Government Audits Presented by: Adam McCane.
![Page 1: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/1.jpg)
Top Five Issues Discovered In Government Audits
Presented by: Adam McCane
![Page 2: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/2.jpg)
2
• Internal controls
• Capital assets/expenditures
• Net position/fund balance
• Balance sheet “stuff”
• Address prior year issues
• Questions
Outline
![Page 3: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/3.jpg)
3
• Failure to adequately document significant processes and policies
• Too many “exceptions” to the policies, that aren’t documented
• Failure to re-evaluate documented policies and processes after system changes
Internal controls
![Page 4: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/4.jpg)
4
• Fixed asset details/sub-ledgers that don’t reconcile to the general ledger
• Failure to reconcile capital expenditure accounts to fixed asset ledger
Capital assets/expenditures
![Page 5: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/5.jpg)
5
• No adopted fund balance policy consistent w/ GASB 54
• Not adequately identifying committed and assigned funds/sources
• Not properly calculating net investment in capital assets
Net position/fund balance
![Page 6: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/6.jpg)
6
• Unreconciled miscellaneous balance sheet accounts
• Failure to adequately accrue receivables/payables into the proper reporting period
• Accounting staff not communicating w/ other departments for non-cash transactions
Balance sheet “stuff”
![Page 7: Top Five Issues Discovered In Government Audits Presented by: Adam McCane.](https://reader036.fdocuments.us/reader036/viewer/2022062409/5697c0091a28abf838cc730a/html5/thumbnails/7.jpg)
7
• Improper entry of PY audit adjustments, or reversals
• Same issues recurring multiple years in a row
Address prior year issues