Governmental Accounting and Auditing
Government departments, agencies, or groups provide services in accordance with policies and public needs. The accounting and auditing requirements for governments work to monitor compliance with those policies.
Providing audit and accounting services for government entities is financial assurance and reporting but it also involves a review of operations and internal controls, accountability, compliance, and identifying risk.
In the United States, governments below the federal and state levels are generally referred to as “local governments”. These might include:
- General purpose governments such as parishes or counties, cities and towns
- Special purpose governments, which could be
- school boards, community colleges, or technical schools
- governmental entities formed for a specific reason: a utility, park and recreation, fire district, police district, or water, sewer or other utility district, or regional planning commission, building commission, tax commission.
The generally accepted accounting principles applicable to state and local governments are established by the Governmental Accounting Standards Board (GASB), which follows Generally Accepted Accounting Principles, (GAAP). These standards were developed and are maintained to support transparent financial reporting for taxpayers and public officials.
Our reporting is compliant with generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards.
Accounting Services for Government Entities
Small government organizations often turn to outsourcing accounting services to independent CPA firms.
Our government accounting specialists comply with the appropriate accounting standards applicable to your entity to provide monthly, quarterly, or annual accounting services.
The results will be a true measure and presentation of the entity’s economic financial position with a complete financial statement audit.
Audit Services for Government Groups
For an audit and attest engagement with a state, local, or special purpose government entity, the audit standards will depend on a variety of circumstances, such as legal requirements, regulatory compliance, and contractual requirements. Each entity will have a unique set of circumstances that demand different applicable standards.
Our independent auditors issue our final attestation engagement report to provide assurance for entity management.
Internal Control Structure Review
Some government departments or special purpose groups do not always have the budget to fully staff an accounting department. This complicates the need for segregation of duties and for maintaining appropriate internal controls.
The accounting professionals at our CPA firm have years of experience working with a variety of government entities and will identify concerns with internal controls and make recommendations to improve controls.
State or local governments that receive federal funds are required by federal law to have a Single Audit (or Yellow Book) to confirm that those funds are being used for the intended purposes.
Louisiana state law also requires municipalities to provide reporting from independent auditors on the following:
- Annual expenditure limitation report
- Compliance with special tax funds
- Highway user revenue funds
- Landfill financial assurance
- Local transportation assistance funds
CPA Firm for Government Accounting
At Griffin & Furman, our goal is to provide professional accounting and audit support to state departments, state agencies, local governments, municipalities, and specialized groups. Give us a call.