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<br />9. Debt and Debt Service <br />(Managing Borrowings) <br />• Is this handled by Finance Director entirely? <br /> <br />10. Unearned Revenue, Unavailable Revenue, and Deferred Inflows of Resources <br />(Processing Unearned Revenue, Unavailable Revenue, and Accruals) <br />• Is there a preparer and reviewer with this process? <br /> <br />11. Net Position and Fund Balances <br />(Recording Equity Transactions, Preparing Financial Statement Reconciliations) <br />• Is there a preparer and reviewer with this process? <br /> <br />12. Grants and Similar Programs <br />(Recording Grants and Similar Programs, Processing Program Receipts, Processing Program <br />Expenditures, Reporting Grants and Similar Programs) <br />• Is there a preparer and reviewer with this process? <br /> <br />13. Self–Insurance <br />(Recording and Processing Claims Payable, Estimating the Reserve for Claims Incurred but Not <br />Reported) <br />• Is there a preparer and reviewer with this process? <br /> <br />14. Budget <br />(Managing Budget Approval and Financial Reporting) <br />• Is there a preparer and reviewer with this process? <br /> <br />15. Financial Close and Reporting <br />(Defining the Financial Closing and Reporting Process, Performing the Accounting Period Close, <br />Capturing and Processing Other Non-routine Information Requiring Significant Estimates and <br />Judgments from Management, Preparing and Reviewing Financial Statement Disclosures, <br />Reviewing and Approving the Financial Statements) <br /> <br />16. Adjusting Journal Entries <br />(Processing financial statement adjustments and approval) <br />• Is there a preparer and reviewer with this process? <br /> <br />General Notes <br /> <br />A. Finance Director has access to all aspects of the finance system. <br />B. Some of Finance Director’s work is likely not reviewed by anyone else. Bank statement we <br />viewed was not reviewed by anyone else at the City. <br />C. Accounting Clerk is primary person on cash receipts/utility billing. <br />D. Accounting Analyst is primary person on accounts payable and payroll. <br />E. Maintaining Master Files – System tracks changes, but changes usually made by person assigned <br />to process the areas (A/P, UB, Payroll). <br />F. Reminder – Segregation of Duties should not only consider fraud and intentional acts, but also <br />proper financial reporting and prevention of honest errors. The auditor is not part of internal <br />controls.