Year End Financial Statements and Closing Adjustments (including single audit)

Tue, Jun 14, 2022, 9:00am - 11:00am

Webinar

Description:

This program provides a basic overview of the year-end closing process for governmental entities and what it takes to close the books successfully each year in preparation for your audit. It also covers an overview of the risk-based auditing standards, material weaknesses and significant deficiencies. It will help you understand what you need to do to avoid receiving bad news from your auditors. The program will address the definition of significant deficiency and material weakness in internal control. It will help you learn what is expected of the finance staff vs. what the auditors can help with and when they can help. It will cover who can prepare the financial statements, aka – are my auditors prohibited from helping with our financial statements?  In addition, the program will include federal grant guidance regarding SEFA preparation, current happenings, and key items needed to help ensure you properly record federal grant revenue and expense. 

Successful completion of this session and implementing these ideas will help your audit go smoothly.

Agenda

9:00-10:30am

Understanding recent auditing/accounting standards
and help design a process for “closing” books

10:30-11:00am Single audit year-end close guidance

Specific topics to be covered include the basics of:

  • Terminology
  • Bank reconciliations and related adjustments
  • Investments adjustment to fair value
  • Setting up accounts payable
  • Accruals - explanations, definitions, calculation and recording:
    • Revenue; Payroll; Interest receivable/payable; Compensated absences; Self-insurance liabilities; Lawsuits or general liability claims
  • Due to’s/from’s and Transfers In/Out
  • Capital assets and depreciation
  • Balance sheet analysis
  • Revenue and expenditure analysis
  • Analysis of budget v actual
  • Grant revenue recognitions (GASB 33)
  • GASB 34 Fund / Adjustments
  • AJE’s and Reversing AJE’s
  • Planning for the audit
  • Building blocks throughout the year
  • SEFA preparation tips
  • Single audit current happenings
  • Single audit revenue/expense GL tips and tricks

Speakers

  • Kari Shea, Plante Moran
  • Tara Synowiec, Plante Moran
  • Danielle Kelley, Plante Moran
  • Karen Kovacs, City of Marquette

Fees

  Registration Fee
MGFOA Member   $75
Non-Member   $100

  • Credit card is the only payment method accepted for this webinar.
  • If you have a credit from a previous event cancellation, you will be able to choose "MGFOA Credit" as your payment method.
  • The recording will be available for purchase after it is uploaded. Please do not attempt to register for the recording at this time.
  • Your personal Zoom link to access the webinar will be emailed by Tuesday, June 7, 2022. You WILL NOT receive the link at the time of registration.
  • Those registering on or after June 7 will receive their links by Monday, June 13.
  • Registration will close Friday, June 10.
  • Paid attendees to the webinar will receive the recording complimentary.
  • No refunds will be made for cancellations received after June 7, 2022.