With the significant and rapid changes that are occurring recently in governmental accounting and financial reporting, the risk of errors is increasing. To help with those errors and deficiencies, we have come up with a list of common deficiencies and how to improve.
A common area of deficiencies is the Management Discussion and Analysis (MD&A).
The next area where to focus is the Government-Wide Statements.
The third area of focus is on the Governmental Funds.
The last area of focus will be on defined benefit pension reporting, including financial statements, note disclosures and required supplementary information.
Overall, the best way to be prepared and avoid the common deficiencies in reporting is to plan ahead. Keys to success:
Should you have any questions, please ask your Eide Bailly professional.