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Unaudited Agencies 2012 Closing Process Training

Unaudited Agencies 2012 Closing Process Training. Agenda. Introductions Treasurer’s Office Single Audit / CAFR Update Single Audit Closing Process New GASB WVOASIS. Financial Accounting & Reporting Section Staff. Connie Byrne, CPA Susannah Carpenter, CPA Jordan Clay

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Unaudited Agencies 2012 Closing Process Training

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  1. Unaudited Agencies 2012Closing Process Training

  2. Agenda • Introductions • Treasurer’s Office • Single Audit / CAFR Update • Single Audit • Closing Process • New GASB • WVOASIS

  3. Financial Accounting & Reporting Section Staff Connie Byrne, CPA Susannah Carpenter, CPA Jordan Clay Betsy Frame Becky Hayes, CPA Jeff Perkins Chris Sforza, CPA Jane Shinn Sheila Straley Kay Walden

  4. Adam Fisher

  5. Guest Speakers Todd Childers Rick Pickens Lisa Comer

  6. FY 2011 Update • Issued CAFR on 2/15/12 • Still expect to receive Certificate of • Achievement in Financial Reporting • Issued Single Audit on 3/31/12 at • 6:00 p.m. on Saturday

  7. The CAFR combines 75 unaudited and 29 audited agencies. • Agencies struggle to submit financial information • 71 of 75 agencies did a great job and submitted timely FY 2011 Update

  8. Why do agencies struggle? • Lack of understanding of importance by management • Turnover within agency • Missing information from 3rd party • Disagreement with the financial statement auditor FY 2011 Update

  9. CAFR for Fiscal Year 2011 • Almost 500 journal entries • 100+ Work papers • 8 Full-time employees • 2 Part-time employees

  10. 2011 SINGLE AUDIT • 59 Findings – up 4 from 2010 • 26 repeat findings • 55 are program audit findings • Increase of 5 from 2010

  11. State of West Virginia Single AuditAudit Team Contact Information John Gianola, Partner—Ernst & Young Phone: 357-5977 Email: john.gianola@ey.com Financial Reporting Susan Wheeler, Partner—Ernst & Young Phone: 357-5974 Email: susan.wheeler@ey.com Adam Fisher, Senior—Ernst & Young Phone: 357-5824 Email: adam.fisher1@ey.com OMB A-133 Shelley Norton, Senior Manager—Ernst & Young Phone: 357-5973 Email: shelley.norton@ey.com Betty Rowe, Senior—Ernst & Young Phone: 357-5985 Email: betty.rowe@ey.com Chris Deweese, Member—Suttle & Stalnaker Phone: 720-3107 Email: cdeweese@suttlecpas.com

  12. Statewide Audit Findings • 1512 Reporting • Subrecipient Monitoring • FFATA - Transparency

  13. Single Audit

  14. Form 9A - SEFA Checklist • Now required with export submission • Will be enforced • Problems will be sent back to preparer and • supervisor who signed form SEFA Check List Revised

  15. Form 9A Yes No SEFA Check List Revised

  16. Form 9C Revised

  17. Form 9D Revised

  18. Reconciliation Total from SEFA Software - Transfers from Forms Actual Disbursements

  19. Form 13 – Prior Year Findings Update monthly Send to Connie.S.Byrne@wv.gov Form 13

  20. eZ-Audit Form 13

  21. Prior Year Findings BADResponse: “The department agrees.” Form 13

  22. Prior Year Findings GOODResponse: “The Fund continues to monitor the status of subrecipient audit reports and provide technical assistance to ensure that management and the governing body of the subrecipients understand the importance of filing timely audit reports. This issue will be resolved by October 31, 2012” Form 13

  23. SEFA Software

  24. Federal Grant Reporting Site • http://www.wvfinance.state.wv.us/grants.htm • Program Installation Instructions (New Users or Computers) • Federal Grant Information consists of: • Grant Reporting Installation Program • FARS Data Tables • Grantor Data Tables SEFA Software

  25. Downloading Data Tables • Download will overwrite any existing data files • Import and Export files • Copy prior year’s data files to new folder • Example: From: C:\Program Files\SEFA\ • To: C:\Program Files\SEFA\2011 SEFA Software

  26. Using the Same Computer as last year? • Download the federal grant software to • C:\Program Files\SEFA • Save FARS and Grantor data tables • C:\Program Files\SEFA\Import • Software program is specific to file path SEFA Software

  27. Federal Reporting • Software Issues • Assignment of “Program” or “CFDA” SEFA Software

  28. Federal Reporting • Software Issues (cont.) • Assignment of Account Number • Always select Federal Grantor SEFA Software

  29. Federal Reporting • Software Issues (cont.) • Don’t enter information into account • TRANSFERS XX (FARS use only) • Ability to download software (need administrative rights) SEFA Software

  30. Federal Reporting • Documentation • Explain beginning balance changes and reconciling • items over $25,000 • Documentation for negative disbursements and receipts • Enter Explanations in the comment field • Reference CFDA or Program number with comment SEFA Software

  31. Federal Reporting • Information Issues • Balance to WVFIMS as of 6/30 • Do not include 13th month • Do not duplicate CFDA #s in the same account SEFA Software

  32. Clean Up Items • CFDA Numbers: • Remove CFDA #s from program number field • Delete CFDA #s containing ALLzeros • Delete unused programs & accounts SEFA Software

  33. SEFA submission due date July 31, 2012 SEFA Software

  34. Submit supporting documentation, exported data, and Form 9a via Email to: Connie.S.Byrne@wv.gov Or Mail to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305 SEFA Software

  35. AGENCY’S RESPONSIBILITY Leave Information July 6, 2012 SEFA Software July 31, 2012 Transmittal/Forms July 31, 2012

  36. Procedures Forms will be on our website by July 1, 2012 http://www.wvfinance.state.wv.us/farsforms.htm

  37. Procedures and Submissions • Download Excel Forms • Call if trouble downloading • Transmittals have been combined • Forms due July 31, 2012

  38. Procedures and Submissions READ CLOSING BOOK INSTRUCTIONS (Included on bottom of forms)

  39. Procedures and Submissions E-mail completed forms which do not require supporting documentation to: Sheila.K.Straley@wv.gov

  40. Procedures and Submissions Mail completed forms along with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305

  41. Audit Notification Form • Included in Closing Forms or can be downloaded • separately from the FARS website • Fill out and send to FARS any time audit work or review will be • performed by independent, federal, or other auditors/reviewers • (not legislative audit) Audit Notification

  42. Subsequent Events • Significant Items: • Legal Issues • Bond Issues • Contact FARS to discuss subsequent events that occur after agency forms are submitted but before CAFR is issued.

  43. Leave Warehouse

  44. Leave Balance Information • Required Employee Information: • Name • Social Security Number • Balance of Annual Leave at 6/30/12 • Balance of Sick Leave at 6/30/12 (in hours -2 decimals)

  45. Leave Balance Information (cont.) • List employees in alphabetical order • Due July 6, 2012

  46. Operating Leases • $25,000 materiality per lease agreement • Annual lease payments for 2013 – 2017 • Aggregate lease payments in 5 year increments • Capital Lease issue Form 7

  47. Capital Asset Entry Into WVFIMS • Enter assets carefully and accurately • Run Potential Assets report • Correcting a Capital Asset: • Within 30 days of entry agency can make necessary • changes • After 30 days a data change request must be • completed, follow up to ensure it is completed • Review retirements to ensure they are completed

  48. Capital Asset Entry Into WVFIMS (cont.) • Agencies should be recording assets throughout the fiscal year as they are purchased. • CAPITAL ASSETS IN WVFIMS • by JULY 15, 2012

  49. Inventory Management Certification Cover Sheet • Inventory = Capital Assets • State Code 5A-3-35 • SUBMIT to Purchasing no later than July 15, 2012 • Physical inventory every 3 years

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