VGFOA 2008 Spring Conference. May 21, Phone

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1 Auditor of Public Accounts Update May 21, 2008 Kim Via Phone Page 1

2 Session Topics Discuss activities iti within the APA impacting local governments Discuss budget reduction in state t aid to local governments Discuss results of QCRs of Virginia i i local l government audits Provide overview and demonstration ti of Commonwealth Data Point Page 2

3 Local Government Update Impact of SAS 112 Submission of CAFRs State Aid Reduction Page 3

4 Impact of SAS 112 SAS 112 Communicating Internal Control Related Matters Identified in an Audit Was effective for fiscal year 2007 audits Establishes standards d and provides guidance for communicating matters related to an entity s internal control over financial reporting Page 4

5 Impact of SAS 112 Created new Control Deficiency i Classifications Material Weakness Significant Deficiencies Other Matters New definitions lower threshold at which a significant deficiency becomes a material weakness Page 5

6 Impact of SAS 112 Some localities rely on their auditors to assemble and sometimes prepare their financial statements In some cases, local government auditors have indicated that if they continue to do so, it would represent a significant deficiency or material weakness Page 6

7 Impact of SAS 112 APA issued SAS 112 Risk Alert in June 2007 recommending that localities examine the internal control structure over the preparation of their financial statements to determine the degree of reliance on theirs auditors We recommended localities discuss the relative responsibilities (over the financial reporting process) and affect of SAS 112 with their auditors Page 7

8 Impact of SAS 112 Some localities have chosen to contract with someone other than their auditor to assist in preparing their financial statements Localities need to ensure the contract requires the outside consultant to prepare financial statements in sufficient time for auditors to complete audit by our November 30 deadline Page 8

9 Comparative Report 2007 Recap Late submitters - 50 Excluded Localities 5 APA s desk reviews Page 9

10 Submission of Annual Financial Reports Localities now have the option of submitting electronic (preferably pdf) versions of their Annual Financial Reports APA instead of hardcopies to Page 10

11 2008 Updates Local Government Guidelines Page 11

12 Legislative Update Item of the State Budget Bill requires a $50 million reduction in state aid to local governments in both FY 2009 and FY 2010 Page 12

13 Legislative Update The Department of Planning and Budget is required to provide localities a list of certain state aid to local government programs which will include an estimate of the general fund amount for each program that each locality could expect to receive from the state Page 13

14 Legislative Update The DPB listing will serve as the basis for calculating each locality s share of the $50 million savings DPB has posted a draft listing on its web site Final listing is required by August 1 although DPB plans to have it ready sooner Page 14

15 Legislative Update Localities can select how they want to implement the savings 1. Take total savings out of one program on the list 2. Reduce multiple programs on a proportional basis or by a specified percentage reduction 3. Reimburse the Commonwealth for their share of the savings Page 15

16 Legislative Update Localities are required to pick an option by August 30 th If option 3 is selected, localities liti must make payment to the Commonwealth by January 9, 2009 DPB is working with VML and VACO to address any additions or deletions to the programs included on the list Page 16

17 Legislative Update Budgeting and Financial Reporting Implications Options 1 and 2 are easy You reduce your budgeted and actual revenue (intergovernmental revenue) Option 3 is not as straight forward Page 17

18 Legislative Update Budgeting and Financial i Reporting Implications for Option 3 Budgetary Reporting Can budget as either an expense or revenue refund Financial Reporting Localities must report the reimbursement to the Commonwealth as a reduction of intergovernmental revenue Page 18

19 Legislative Update Financial i Reporting for Option 3 Reduction of revenue could be to non- categorical aid first If there is not sufficient non-categorical aid to offset the reimbursement to the Commonwealth, the locality would need to allocate the amount in excess to Commonwealth categorical aid intergovernmental revenue based on the listing gprovided by DPB Page 19

20 Results of 2007 Quality Control Reviews Discuss results of QCRs on Virginia local government audits Page 20

21 Results of 2007 Quality Control Reviews Workpaper Documentation Should clearly define the objective, scope, and conclusion of testwork performed Should document significant judgments and conclusions and cross-reference to supporting documentation Page 21

22 Results of 2007 Quality Control Reviews Workpaper Documentation Should document consideration of prior audit findings and recommendations to ensure adequate corrective action Should document consideration of how the entity s use of information technology affects controls relevant to the audit Page 22

23 Results of 2007 Quality Control Reviews Audit Specifications Ensure are performing the tests of state compliance and accounting transactions unique to Virginia localities, which are required by the audit specifications Page 23

24 Results of 2007 Quality Control Reviews Risk Assessments Auditors should assess control risk by financial statement assertion for each material account balance or transaction class (AU ) Analytical Review Are required to be performed in the planning and overall review phases Page 24

25 Results of 2007 Quality Control Reviews Consideration of Fraud Need to document consideration of the risk of fraud (procedures performed and evaluation) Are required to discuss the risk of fraud among engagement staff Are required to make (and document) inquiries of management and others Page 25

26 Overview and Demonstration Commonwealth Data Point Page 26

27 Commonwealth Data Point Background Result of legislation passed during 2005 General Assembly Session Required our office to create a searchable database containing a variety of state and local financial data Legislation envisioned a public website with multiple years of data, as well as periodic analyses Commonwealth Data Point launched November 1, 2005 Page 27

28 Commonwealth Data Point Background Currently contains demographic data, detailed state financial data, detailed local government data, and other analyses Currently has 5 full years of data and is updated quarterly Unaudited information We encourage users to or contact us with suggestions or comments on information we can provide, improvements, or other matters Page 28

29 Commonwealth Data Point Contact Information April Gunn Director ~ Data Analysis (804) Ext. 330 Page 29

30 Subject Title

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39 QUESTIONS? Contact Information: Kim Via g Phone Page 39

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