CPA Government & Nonprofit Report articles from April 2003

CPA Government & Nonprofit Report archives from April 2003

Documentation requirements of internal control under the yellow book.
April 1, 2003... Many auditors performing audits under the General Accounting Office's (GAO's) Government Auditing Standards (Yellow Book) are not aware of an important documentation requirement affecting internal control. These auditors mistakenly assume that...

Editor's note.(Brief Article)(Editorial)
April 1, 2003... In my seminars, I often get questions on many matters and these will often give rise to articles for CPA Government & Nonprofit Report (GNR). One point, associated with the General Accounting Office (GAO) Yellow Book, is the need for additional...

How do I handle interfund transactions under GASB-34.
April 1, 2003... One of the more interesting aspects of the Governmental Accounting Standards Board (GASB) Statement No. 34 (Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments) (GASB-34) is the clarification...

GASB issues two new exposure drafts.
April 1, 2003... The Governmental Accounting Standards Board (GASB) has issued two new exposure drafts (EDs): 1. "Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries"; and 2. "Budgetary Comparison...

Cash, FDIC insurance, and a note disclosure.
April 1, 2003... Using an old Johnny Carson lead-in, what do cash, Federal Deposit Insurance Corporation (FDIC) insurance, and a note disclosure have in common. The answer--a misinterpreted requirement. As I review financial statements of nonprofit...