Financial Reporting Update

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Financial Reporting Update

• KACTFO Meeting
• August 31, 2007

Dan Waits (GOLD) Alicia Boyd (APA)
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Recent GOLD IT Developments

• Updates
• Quarterly Exceptions Report
• Budget Submission

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SAS 112 Awareness

• Beginning December 2006, APA and GOLD began to
  publicize SAS 112
• Exit conference items (packets and common list)
• Regional budget workshop trainings
• New officials training
• Meetings with all key associations
• Website information
• Summary sheets and other correspondence

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SAS 112 is here!

• SAS 112
• Beginning with FY07 audit
• AICPA standard

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SAS 112 and Financial Statements

• Strong internal controls accurate compliant
  financial statement
• In an attempt to increase compliance, APA and
  GOLD have created system to convert 4th qtr.
  report to financial statement format

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4th Quarter Conversion

• What this does
• Gives the APA and county a compliant financial
  statement to use for auditing purposes
• Takes APA out of the preparing business (which
  should no longer be done according to standard)
• County still ultimately responsible for
  information provided and final choice to use

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Flow
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Two Other Issues

• Publication of annual settlement
• Counties are no longer required to publish the
  annual financial statement (KRS 424.220(8) and
  KRS 91A.040(6))
• Instead, the Audit and the accompanying
  statements required by KRS 91A.040(6) shall be
  published within 30 days of the presentation of
  the audit
• Audit
• The auditor's opinion letter
• The "Budgetary Comparison Schedules-Major Funds,
  which shall include the general fund and all
  major funds
• Statement that complete audit report (including
  financial statements and supplemental
  information) is on file and available for public
• Statement that any citizen may obtain a copy of
  complete audit report, including financial
  statements and supplemental information, for
  their personal use
• Statement which notifies citizens requesting
  copies of duplication costs
• Time cards

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Questions?