Industries
Municipalities
Annual Basic Financial Statement Audit Services and Single Audit Services
The annual basic financial statement audit is the primary accounting service required by a municipality. It is normally required if any one of the following conditions is met:
- The municipality has greater than $10,000,000 in qualified registered public debt issuances.
- The municipality has greater than $500,000 in Federal grants.
- The municipality has a local bylaw or ordinance that requires an audit.
- The municipality uses good business practice.
Furthermore, OMB A-133, the Single Audit Act of 1996, requires entities who expend greater than $500,000 in federal funds to undergo a rigorous compliance based audit of those transactions in addition to the basic financial statement audit.
We feel the most efficient manner in which a firm may conduct these highly complicated and specialized audits is by placing the most experienced individuals in charge of the daily fieldwork. In doing so, issues may be resolved more efficiently, and these individuals are on call to handle any questions a client may have. This is why we have assembled a firm that is top heavy in management. In doing so we can assure that the municipality will be serviced by an individual who is a Certified Public Accountant and who has no less than 14 years experience in providing municipal accounting and auditing services.
We use Practitioners Publishing Company’s (PPC) Guide to Audits of Local Governments to assist us in designing our audit process. This guide is generally accepted by the accounting profession across the country and assists us in complying with our professional standards. A combination of the OMB’s A-133 compliance supplements and the PPC Guide to Single Audits is utilized in designing our Single Audit processes.
The firm has successfully completed hundred’s of financial statement and Single Audits; therefore, we are confident that we are eminently qualified to assist your community in completing these requirements.
Agreed Upon Procedures Engagement
If you have reporting needs that don't require an audit of the basic financial statements or Single Audit, consider an Agreed-Upon Procedure (AUP) engagement.
An AUP engagement is a service that normally is far less in scope than an audit and rather addresses the needs of a particular situation. It can be required by mandate (for example, procedures performed on schools’ End-of Year Financial Report(s), or by option of the municipality in evaluating a particular area of the operations. Because it is less in scope than an audit, it is normally far less expensive and is a cost beneficial way to satisfy important objectives.
With our AUP engagements, you will receive:
- Clearly written results of each agreed-upon procedure of the engagement.
- Personal contact with a partner or manager
- A pre-qualified team with experience in your industry
- An engagement based on more than 70 years of experience
Examples of our AUP engagements include:
- Evaluating the adequacy of internal control for Student Activity Funds
- Satisfying the reporting mandates of the Massachusetts DESE as they relate to the School End-of Year Financial Report(s)
- Evaluating the operational efficiency of target departments
- Collector and Treasurer termination procedures
Key Note Presentations
Fraud - Prevention, Policies and Procedures
Fraud in the municipal work place is currently reaching historic levels. Not coincidentally, this is happening during a period that our economy is struggling. Recently we provided an overview to the Plymouth\Norfolk\Bristol Counties Auditors and Accountants' Association of our experience with fraud in the workplace, as well as suggestive procedures that municipalities should consider implementing to mitigate this concern.
Our presentation may be viewed by clicking "here".
Please feel free to download a sample Fraud Policy to assist in developing your municipal plan by clicking "here". Please note that this policy is merely an example of a fraud policy and should not be construed as a recommendation for use by your community. In developing a fraud policy for your community, proper care must be undertaken to customize such a policy to the specific processes and organizational structure of your community. Advice in developing a policy should be received from legal labor counsel as such policies should not contradict collective bargaining agreements specific to your community and should be approved as final by legal labor counsel prior to adopting such a policy for use.
Regionalization
A collaboration by two or more communities to deliver a service more effectively and more efficiently than a community can do so on its own is called regionalization. Recent economic adversity has created tremendous challenges for local officials to reduce costs while still maintain services. This in turn has begun to create a regionalization movement in Massachusetts that is being strongly supported by the Governor's Office.
Recently, our firm was requested to research and present before the Massachusetts Municipal Auditor's and Accountants' Association the virtues of this rapidly growing area of municipal operations.
Our presentation on this important topic may be viewed by clicking "here".