Tuesday, 14 April 2020

The CARES Act Provides Assistance for State and Local Governments

Written by U.S. Department of Treasury

Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak. The CARES Act established the $150 billion Coronavirus Relief Fund. Treasury will make payments from the Fund to States and eligible units of local government; the District of Columbia and U.S...

Published in COVID-19
Monday, 22 May 2017

Beyond outsourcing: For governments, managed services unlock hidden value

Written by Richard Carpenter, CPA, CGFM, CGMA, and Amy Rottman, CPA, CGFM

When you hear the term outsourcing, you may think of farming out mundane administrative or financial tasks to someone who can perform them cheaper and more efficiently. Many governments and government agencies employ the managed services model — which goes beyond outsourcing — to bring expertise and experience to their teams. Using a managed services provider has the potential to unlock an array of benefits and often costs the same or less than what you are already paying. A tailored approach There’s no cookie-cutter approach to managed services...

Published in Government
Tuesday, 19 January 2016

Know Your Rights with the IRS

Written by IRS

The IRS created the Taxpayer Bill of Rights to make it simple for taxpayers to know their rights when dealing with the IRS. If you have a tax issue, you are guaranteed assistance through the Taxpayer Advocate Service, a department whose job it is to ensure that every taxpayer is treated fairly. For more information about the Taxpayer Bill of Rights or Taxpayer Advocate Service, read Publication 1, "Your Rights as a Taxpayer," or contact a qualified tax expert. Tip courtesy of IRS...

Published in Tax
Tuesday, 29 December 2015

Uniform Grant Guidance impact on written policies and procedures

Written by Rehmann Team

Fulfilling federal regulations can be tricky The federal government recently issued 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for federal Awards (the “Uniform Grant Guidance”). This issuance consolidates seven separate OMB Circulars covering administrative requirements, federal cost principles, and audit requirements into a single federal regulation."Uniform Grant Guidance impact on written policies and procedures" is Rehmann's most recent article that provides detailed information on how the Uniform Grant Guidance will impact an entity’s audit; meeting the administrative and compliance requirements; and much more. Download a copy today to help keep your entity on track!..

Published in Government
Monday, 09 November 2015

Streamlining disclosures for unrecognized tax benefits

Written by Thomson Reuters

As part of its broader effort to weed out unnecessary information in financial statement footnotes, in late August the Financial Accounting Standards Board (FASB) unanimously approved a series of simplifications to the disclosure requirements for unrecognized tax benefits. The changes will help investors and analysts focus on the most relevant information about such tax benefits. What are unrecognized tax benefits? An "unrecognized tax benefit" is the difference between a tax position that a company takes, or expects to take, on its income tax return and the benefit it recognizes on its financial statements...

Published in Tax
Wednesday, 09 September 2015

Financial statement audits: 10 things you need to know

Written by Christine Slade, CPA

There comes a time in the lives of most growing businesses when audited financial statements become necessary or desirable. Here are 10 things to consider as you prepare your business for its first audit. 1. What is an audit?..

Published in Audit & Assurance
Tuesday, 16 June 2015

Governmental Training Series

Written by Rehmann Team

At Rehmann, governmental auditing is just the beginning. Our professionals provide assurance and consulting services to municipalities, public schools and other governmental entities looking for high-level financial support. Throughout the years we've learned a lot and we love sharing our wisdom with you. On July 17, we held an informative event covering a wide-range of topics, including: The Yellow Book, Ethics and Independence | Download Presentation Materials Fraud Prevention | Download Presentation Materials Audit Risk Assessments | Download Presentation Materials GASB Standards Update | Download Presentation Materials Excel Tips and Tricks | Download Presentation Materials [Webinar Portion] The New COSO: Internal Control - Integrated Framework | Download Presentation Materials [Webinar Portion] New Uniform Grant Guidance | Download Presentation Materials [Webinar Portion] Documenting Internal Controls | Download Presentation Materials Presenters Stephen W...

Published in Government
Thursday, 02 April 2015

Coming soon: A new risk management framework

Written by Thomson Reuters

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently kicked off its project to update the 2004 enterprise risk management (ERM) framework. The cross-functional advisory team that's been chosen to spearhead the project includes representatives not just from academia but also from legal, technological, nonprofit, governmental and professional service organizations. Here are some frequently asked questions about how management uses this framework and why updates are essential to provide greater transparency and accountability in managing potential risks. What is the purpose of COSO?..

Published in Audit & Assurance
Wednesday, 05 November 2014

Financial Statement Preparation, Audit Findings and Auditor Independence

Written by Stephen W. Blann, CPA, CGFM, CGMA

As featured in The Government Finance Officers Association's Newsletter on Governmental Accounting, Auditing, and Financial Reporting. A small government that is not able to prepare its financial statements in conformity with generally accepted accounting principles (GAAP) may nonetheless possess the skills, knowledge, and experience (SKE) necessary to oversee the financial statement auditor's preparation of GAAP financial statements on their behalf. Auditors who find themselves in this position have been known to ask whether doing so compromises their independence or would result in an audit finding. Management, of course, is responsible for the fair presentation of the financial statements, while the independent auditor is responsible for opining on whether the financial statements are fairly presented...

Published in Government
Thursday, 03 July 2014

New Pension Liability Reporting Rules To Weaken Colleges' Balance Sheets

Written by Stephen W. Blann, CPA, CGFM, CGMA

Stephen Blann, Principal at Rehmann, in quoted in the Crain’s Detroit Business article discussing the possibility of the new Governmental Accounting Standards Board (GASB) pension being a harmful addition to the balance sheets of many higher-education organizations. Blann states “booking the unfunded liabilities will likely change many balance sheets from positive to negative, making those colleges and universities look like they are insolvent, when they probably are not.” Click here for the full article...

Published in Government
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