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Audited Agencies 2012 Closing Process Training

Audited Agencies 2012 Closing Process Training. Agenda. Introductions WVOASIS Single Audit / CAFR Update Ernst & Young Single Audit Closing Process New GASB’s. Financial Accounting & Reporting Section Staff. Jeff Perkins Chris Sforza, CPA Jane Shinn Sheila Straley

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Audited Agencies 2012 Closing Process Training

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  1. Audited Agencies 2012Closing Process Training

  2. Agenda • Introductions • WVOASIS • Single Audit / CAFR Update • Ernst & Young • Single Audit • Closing Process • New GASB’s

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

  4. Guest Speakers Lisa Comer Rick Pickens

  5. 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

  6. The CAFR combines 75 unaudited and 29 audited agencies. • Agencies struggle to submit financial information: • 15 of 29 audited agencies did not meet the final audit deadline • 1 final was received after Dec. 31 FY 2011 Update

  7. 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

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

  9. 2011 SINGLE AUDIT • 59 Findings – up 4 from 2010 • 26 repeat findings • 55 are program audit findings • increase of 5 from 2010

  10. SAPP Statewide Accounting Policies & Procedures www.wvfinance.state.wv.us/sapp/sappmain.htm

  11. Adam Fisher

  12. State of West Virginia Single AuditAudit Team Contact Information JohnGianola, Partner—Ernst & Young Phone: 357-5977 Email: john.gianola@ey.com Financial Reporting Susan Wheeler, Senior Manager—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

  13. Single Audit

  14. Form 17 – 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. SEFA Check List Revised

  16. Form 17b Revised

  17. Form 17c Revised

  18. Reconciliation Total from SEFA (matches 6/30 FIMS) +/- Transfers from forms Actual Disbursements

  19. Form 16 – Prior Year Findings Update monthly Send to Connie.S.Byrne@wv.gov Form 16

  20. eZ-Audit Form 16

  21. Prior Year Findings BADResponse: “The department agrees.” Form 16

  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 16

  23. SEFA Software

  24. Web link to Federal Grant Access Database Program at - http://www.wvfinance.state.wv.us/grants.htm SEFA Software

  25. Have a New Computer? YES • Print the Program Installation Instructions • Download the Federal Grant Information which • consists of: • Grant Reporting Installation Program • FARS Data Tables • Grantor Data Tables SEFA Software

  26. Are you using same computer from last year? • Download will overwrite prior year data files • Maintain a copy of last year’s information by: • Copying existing SEFA folder to new path: • From C:\Program Files\SEFA • To C:\Program Files\FY 2011 SEFA SEFA Software

  27. Computer Used Last Year (cont.) ?? New Computer ?? Federal Grant software must be downloaded to C:\Program Files\SEFA FARS and Grantor Data Tables must be downloaded to C:\Program Files\SEFA\Import : FARS Data Table Grantor Data Table SEFA Software

  28. Federal Reporting • Software Issues • New “Program” or “CFDA” SEFA Software

  29. Federal Reporting • Software Issues (cont.) • Always select an Account Number • Always select a Federal Grantor SEFA Software

  30. Federal Reporting • Software Issues (cont.) • Don’t enter information into Account • TRANSFERS XX (FARS use only) • Windows 7 users should be able to download SEFA Software

  31. Federal Reporting • Information Issues • Documentation for beginning balance changes • Documentation for reconciling items over $25,000 SEFA Software

  32. Federal Reporting • Information Issues (cont.) • Documentation for negative disbursements and • receipts • Balance to WVFIMS as of 6/30 • Do not include 13th month • Do not duplicate CFDA #’s in the same account SEFA Software

  33. Clean Up Items • CFDA Numbers: • Delete from program number field • Delete numbers containing ALLzeros • Delete unused programs SEFA Software

  34. Due Date July 31, 2012 SEFA Software

  35. Submit supporting documentation and export data via Email to: Connie.S.Byrne@wv.gov or Mail with supporting documentation to: FARS Building 17, 3rd Floor 2101 Washington Street, East Charleston, WV 25305 SEFA Software

  36. AGENCY’S RESPONSIBILITY Leave Information July 6, 2012 SEFA Software July 31, 2012 Draft Financials Sept. 14, 2012 Final Financials Oct. 15, 2012

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

  38. Procedures and Submissions • Download Excel Forms • Call if trouble downloading • Due date July 31, 2012

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

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

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

  42. 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

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

  44. Repurchase Agreements • Note Disclosure

  45. Leave Warehouse

  46. Leave Balance Information • Request of information: • Employee name • Employee social security number • Employee’s annual balance at 6/30/12 • Employee’s sick balance at 6/30/12 (in hours -2 decimals)

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

  48. Debt Disclosure • The note disclosure should include the following statement if a refunding occurred during the current fiscal year: • “The refunding resulted in an economic gain (or loss) of $_______.”

  49. Opening Balance Reports Cash with Treasurer Revenues • Investments • with IMB and/or BTI Expenses

  50. Where is your money on WVFIMS opening balance report?

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