Pensions, post-employment benefits and other government funds must soon be reported under a new fiduciary activity standard, according to the Governmental Accounting Standards Board (GASB). In June 2017, GASB issued…
Ensure the Integrity of Your Governmental Audit with These Contract Tips
Standardized language and contract templates help public sector entities or government-funded nonprofits streamline their procurement processes. When it comes to contracting a third-party auditing firm for required assurance services, however,…
Six Annual Financial Reporting Pitfalls and How Governments Can Avoid Them
The Comprehensive Annual Financial Report, or CAFR, is one of the most important financial documents prepared annually by governments. This voluminous report goes beyond the budget to provide a detailed…
Why Board Reporting Must Align with Strategic Planning
An engaged, effective board is critical to the successful execution of an organization’s mission and achievement of its vision. Far too often, however, the information and data the board rely…
OPEB Liabilities Loom Large for Municipal Budgets
Municipal leaders in recent years have grappled with mounting underfunded liabilities for public employee pension plans, but there is an even more pernicious fiscal challenge just around the bend. “Other…