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• Article V – Clerk as Auditor and Chief Financial Officer Pre-audit, Internal Audit Financial Statement Preparation
• 218.32 – Annual Financial Reports Revenues and Expenditures, Outstanding Debt LOGER System Submitted within 45 day of completion of audit, but no more than 9
months
• 218.33 – Uniform Accounting Practices Dept. of Financial Services – Uniform Accounting Manual Uniform fiscal year Chart of Accounts Ensures consistency between governments
• 218.39 – Annual Financial Audit Independent CPA’s audit the financial statements Completed within 9 months after end of fiscal year Submitted – 45 days / 9 months Joint Legislative Auditing Committee
• 218.503 – Financial Emergency Financial Condition Assessment
• Florida Statutes
• Auditor General Rules & Regulations
• AG Annual Compliance Supplement
• Department of Financial Resources
• Government Finance Officers Association (GFOA)
• Florida Government Finance Officers Association(FGFOA)
• Why?
Preserve the integrity of public finances
Maintain the confidence of the citizens
Bond ratings = +/- interest costs
Financial health check
• Entrance Conference Introductions to key staff Significant developments during the audit year
− Changes in key staff, county leadership− Relevant software implementations− Instances of fraud− Economic factors (principal taxpayers, jobs boon or exodus )− Environmental issues (spills, remediation)
Scheduling
• Entrance Conference (cont’d) Expectations regarding communication
− Designate individual as primary communication point− Method of conveying files (uploads, shared drive, etc.)
Timeline for fieldwork Workspace expectations
− Space− Network connections− Workday− Security
• Day 1: Getting to know you... getting to know all about you... Auditors will need to establish a “permanent file”
− Charters, if any− Organization Charts− Bond files− Significant contractual arrangements− Employee manuals− Accounting system
• Risk Assessment Internal Control Questionnaires
− Organization, systems, processes, grants
Fraud Interviews Interim Fieldwork
− Tests of controls− Walk-through’s with staff− Interviews with management and staff− Substantive testing affected by results
• Testing Tests of Controls
− Approvals− Authorizations− Access controls
Substantive Testing− Amounts− Classifications− Accuracy− Completeness
• Testing Analytics Statistical Sampling Datamining Unrecorded Liabilities Revenue Recognition
• Materiality Fund Level
− Financial statement fund level, not system fund level− Can estimate materiality levels for pre-audit
• Audit Adjustments Errors/Omissions discovered by the auditors
− Communicated to management− Audit finding if material
• On-Site Concerns Disruption of work Vacation schedules Security Coordination with departmental staff
− Grants, fraud interviews, personnel files Work hours Establish expectations and boundaries Communication, Communication, Communication
• Clerk’s Audit Performance Standards Compliance with Investments statute (FS 218.415) Compliance with CCOC Budget Authority Alimony and Child Support Payments Expenditures of Modernization Trust Fund monies Expenditures of court revenues Remittance of court collections Accuracy of the E/C report and excesses Due to State liability at EOY
• Exit Conference Scheduling Audit Reports Findings communicated to management Findings in the Management Letter Schedule of Findings and Questioned Costs
• Audit Response Who is going to draft it and when Part of the financial report
• Opinion and Auditors Reports Auditor’s Opinion Report on Internal Control Report on Compliance (Grants) Schedule of Findings and Questioned Costs Management Letter Accountant’s Report
• County Response Letter
• Audited Financial Statements Department of Financial Services Auditor General – Full version
• Annual Financial Report Revenues and Expenses, O/S Debt Department of Financial Services (LOGER)
• Auditor General Checklist Local Government Entity Audit Report Submittal Checklist
• Impact Fee Affidavit Any new impact fee resolutions Attesting to compliance with 163.31801
• Clerk’s Special Purpose Financial Statements To Florida Courts
• Bond Continuing Disclosure (EMMA)
• Reports are filed
• Debrief with staff and auditors
• Update year-end checklist with changes
• Transmit files to Records Retention
Take a deep breath and get ready to start againbecause it’s already half way through the year!
Susan Sullivan, CPACitrus County Clerk of Court and [email protected]
Honorable Angela VickCitrus County Clerk of Court and Comptroller
