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Unaudited Agencies 2014 Closing Process Training

Unaudited Agencies 2014 Closing Process Training. Agenda. Introductions CAFR/Single Audit Update Single Audit Closing Process New GASB’s wv OASIS. Financial Accounting & Reporting Section Staff. Renee King Dan Nary Michael Powell, CPA Jane Shinn Kay Walden.

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Unaudited Agencies 2014 Closing Process Training

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  1. Unaudited Agencies 2014Closing Process Training

  2. Agenda • Introductions • CAFR/Single Audit Update • Single Audit • Closing Process • New GASB’s • wvOASIS

  3. Financial Accounting & Reporting Section Staff • Renee King • Dan Nary • Michael Powell, CPA • Jane Shinn • Kay Walden • Connie Byrne, CPA • Susannah Carpenter, CPA • Jordan Clay • Betsy Frame • Cheryl Garner • Becky Hayes, CPA

  4. Guest Speaker Darden Greene

  5. FY 2013 Update • Issued CAFR on 2/13/14 • Still expect to receive Certificate of • Achievement in Financial Reporting • Issued Single Audit on 3/31/14 at • 11:45 p.m. on Monday

  6. CAFR for Fiscal Year 2013 • Almost 500 journal entries • 100+ Work papers • 8 Full-time employees • 3 Part-time employees

  7. FY 2013 Update • The CAFR combines 67 unaudited and 29 audited agencies. • Agencies struggle to submit financial information: • 9 of 29 audited agencies did not meet the final audit deadline (31%) • Final audit was received on November 25

  8. Subsequent Events • Bonds issued after June 30 • Legal Case Call FARS and we will discuss event and materiality

  9. Single Audit Billing is for: • CAFR • Single Audit • SOC 1 Report

  10. Single Audit/CAFR/SOC 1 is paid from Special Revenue funds. NO GENERAL REVENUE

  11. Reason Single Audit Bill Increases: • CAFR completion goes beyond December 31 • Audits received after October 15th • Closing Book forms received after July 31st • Incomplete/Incorrect data for other liabilities (Medicaid, Special Reclamation, Taxes…) • Documentation still needed for samples • Fixed Assets not in system timely • Wrong Rev Src and Obj codes used

  12. Reason Single Audit Bill Increases: • Single Audit completion goes beyond February 28 • Closing Book forms received after July 31st • SEFA information on forms is incorrect • Transfers do not agree • Change in Major Program threshold (late forms and incorrect transfers) • Agencies giving incorrect population to auditors • Auditors still needing/requesting information

  13. 2013 Single Audit • 44 Findings – • Down 19 from 2012 • 30 repeat findings • 41 are Program Audit Findings

  14. Single Audit Team Contact Information OMB A-133 Team: Currently out for bid, the contact information will be conveyed once the contract is signed.

  15. Single Audit

  16. 2013 Statewide Finding 2013 - 002 – Capital Assets • Assets not added to the fixed asset system in a timely manner 2013 - 003 – SEFA • Accurate SEFAs not received in timely manner • Internal control process are not established around the preparation and review of the SEFA

  17. 2014 Single Audit Objectives • FARS will continue to be involved in the entrance conferences. • FARS will provide final SEFA to Agencies. • Agencies will have 2 weeks to obtain requested documentation for the audit firm. If after 2 weeks and documentation is not provided will/may receive a finding. • FARS will be involved in the closing meetings. • Preliminary findings document will be issued in December.

  18. Form 9A - SEFA Checklist • Required with SEFA submission • Signatures required: preparer and supervisor • Issues will be communicated with preparer and supervisor listed on this form. • Include DUNS and FEIN SEFA Check List

  19. Form 9A - SEFA Checklist (Cont.) • CFDA / Program beginning balances documented • Are the negative receipts or disbursements documented? • Is the ending cash account balance for WVFIMS account type equal to the 6/30/14 cash balance? • Reconciliation items $25K or greater documented • Forms 9C and Form 9D – Transfers confirmed and beginning balance = PY ending SEFA Check List

  20. Reconciliation Total Disbursements and Subrecipient Awards from SEFA Software - Transfers from Forms = Actual Disbursements

  21. Form 9A

  22. Form 9C

  23. Form 9D

  24. Form 13 – Prior Year Findings Update monthly Send to Connie.S.Byrne@wv.gov Form 13

  25. eZ-Audit Form 13

  26. WorkForce West Virginia has already placed controls and new procedures into production to alleviate this type of issue with ETA 227. The staff member responsible for completing this report has developed a new Excel spreadsheet to assist in the tabulation of each field on this particular report. In addition, several additional automated reports have been programmed to assist in preparation of this report. We have been able to fully automate the ETA 227 and are currently reviewing the report to ensure the accuracy. Upon completion of this review, we will be completing the ETA 227 report with data directly from the fully automated report being generated from our system. Whether we use the current method of preparing the ETA 227 or the new automated report, an outside unit will still be reviewing the report before submission. Due to the time period used for the above audit, these measures were not in place. Therefore, we feel that the current procedures as well as new report will alleviate this type of issue in the future.

  27. WorkForce West Virginia has already placed controls and new procedures into production to alleviate this type of issue with ETA 227. The staff member responsible for completing this report has developed a new Excel spreadsheet to assist in the tabulation of each field on this particular report. In addition, several additional automated reports have been programmed to assist in preparation of this report. We have been able to fully automate the ETA 227 and are currently reviewing the report to ensure the accuracy. Upon completion of this review, we will be completing the ETA 227 report with data directly from the fully automated report being generated from our system. Whether we use the current method of preparing the ETA 227 or the new automated report, an outside unit will still be reviewing the report before submission. Due to the time period used for the above audit, these measures were not in place. Therefore, wefeel that the current procedures as well as new report will alleviate this type of issue in the future.

  28. WorkForce West Virginia (WorkForce) has already placed controls and new procedures into production to alleviate this type of issue with ETA 227. The staff member responsible for completing this report has developed a new Excel spreadsheet to assist in the tabulation of each field on this particular report. In addition, several additional automated reports have been programmed to assist in preparation of this report. WorkForcehas been able to fully automate the ETA 227 and is currently reviewing the report to ensure the accuracy. Upon completion of this review, WorkForce will be completing the ETA 227 report with data directly from the fully automated report being generated from the system. Whether WorkForce uses the current method of preparing the ETA 227 or the new automated report, an outside unit will still be reviewing the report before submission. Due to the time period used for the above audit, these measures were not in place. Therefore, WorkForce feels that the current procedures as well as new report will alleviate this type of issue in the future.

  29. Revenue Code 6861(861) is to be used to record federal revenue received by an agency. • Object Code 3302 (168)is used to record the federal funds disbursed between agencies. • Object Code 3285 (128) is used to record the federal funds disbursed to outside subrecipients. Object Codes OASIS (WVFIMS)

  30. SEFA Software

  31. Web link to Federal Grant Access Database Program at - http://www.wvfinance.state.wv.us/grants.htm • Download the Federal Grant Information which consist of: • Installation Instructions • Grant Reporting Installation Program • FARS and Grantor Data Tables SEFA Software

  32. New Computer • Have a new computer? • Print the Program Installation Instructions • SEFA software must be downloaded to • C:\Program Files\SEFA • Need administrative rights to this folder • FARS and Grantor Data Tables must be downloaded to • C:\Program Files\SEFA\Import: • FARS Data Table Grantor Data Table SEFA Software

  33. Are you using the same computer from last year? • Warning! The new import will overwrite prior year data files • Maintain a copy of last year’s information by • Copying existing SEFA folder to new path • From: C:\ProgramFiles\SEFA • To: C:\ProgramFiles\FY 2013 SEFA SEFA Software

  34. Federal Reporting • Software Issues • When adding a New “Program” or “CFDA” • First thing you should do is select correct icon. SEFA Software

  35. Federal Reporting • Software Issues (cont.) • Always select an Account Number • Always select a Federal Grantor SEFA Software

  36. Federal Reporting • Software Issues (cont.) • Don’t enter information into Account • TRANSFERS XX (FARS use only) SEFA Software

  37. Federal Reporting • Documentation needed for: • Beginning balance changes • Reconciling items over $25,000 • Negative disbursements and receipts SEFA Software

  38. Federal Reporting • Information Issues • Balance to WVFIMS as of 6/30/14 • Do not include 13th month • Do not duplicate CFDA #’s in the same account SEFA Software

  39. Clean Up Items • Review the federal grant report for completeness • CFDA number should not be in program • number field. • CFDA / program number should be assigned a federal grantor. • Programs with no activity, with all zeros, can be removed. Keep if there is a beginning • balance adjustment. SEFA Software

  40. Due Date July 31, 2014 SEFA Software

  41. Submit supporting documentation and export data via email to: Betsy.L.Frame@wv.gov or Mail with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305 SEFA Software

  42. AGENCY’S RESPONSIBILITY • Fixed Assets June 29, 2014 • Leave Information July 11, 2014 • SEFA Software July 31, 2014 • Transmittal/Forms July 31, 2014

  43. Procedures Forms will be on the following website by July 1, 2014 http://www.wvfinance.state.wv.us/farsforms.htm

  44. Procedures and Submissions • Download Excel Forms • Call if trouble downloading • Forms due July 31, 2014

  45. Procedures and Submissions READ CLOSING BOOK INSTRUCTIONS (Included on bottom of all forms)

  46. Procedures and Submissions Email completed forms which do not require supporting documentation to: Cheryl.A.Garner@wv.gov

  47. Procedures and Submissions Mail completed forms along with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305

  48. Audit Notification Form • Included in Closing Forms or can be downloaded • separately from the FARS website • Complete and submit to FARS any time audit work or review will be performed by independent, federal, or other auditors/reviewers Audit Notification

  49. Leave Warehouse

  50. Leave Balance Information • Required Employee Information: • Name • Social Security Number • Balance of Annual Leave at 6/30/14 • Balance of Sick Leave at 6/30/14 (in hours -2 decimals)

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