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2017 Maze Live

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Single Audit Update and Common Findings
Cyber Security Update for Local Governments
GASB Update
GASB 74 and 75 – Preparing for Implementation, Disclosure, and the Audit

Published in: Government & Nonprofit
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2017 Maze Live

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  2. 2. 2 9:00 - 9:25 Breakfast and Registration 9:25 - 9:30 Welcome and Introduction 9:30 - 10:30 Single Audit Update and Common Findings 10:30 - 11:30 Getting Ready for GASB 74 and GASB 75 Implementation (Mary Beth Redding – Bartel Associates) 11:30 - 12:30 Lunch 12:30 - 1:30 Municipal Accounting Threats and Revenue Opportunities (Mark Moses - Regional Government Services) 1:30 - 2:30 GASB 74 and 75 – Preparing for Implementation, Disclosure, and the Audit 2:30 - 3:00 Snack Break 3:00 - 4:00 GASB Update 4:00 - 5:00 Cyber Security Update for Local Governments 5:00 - 5:15 Open Questions / Wrap Up
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  6. 6. 6 ❖Uniform Guidance ❖2017 Compliance Supplement Status ❖Grant Agreement Dates ❖Single Audit Threshold ❖Type A/B Threshold ❖Indirect Costs ❖Compensation/Salary ❖Schedule Of Expenditures Of Federal Awards (SEFA) – Auditee Responsibilities
  7. 7. 7 ❖Internal Control ❖Subrecipient Monitoring Documentation ❖Procurement Standard ❖State Controller’s Office Reporting Package ❖Single Audit Report and Common Findings ❖Additional Resources
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  9. 9. 9 Web-link: http://www.ecfr.gov/cgi-bin/text- idx?tpl=/ecfrbrowse/Title02/2cfr200_main_02.tpl
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  18. 18. 18 Tip: As an auditee, utilize this document to achieve the goal of an unmodified audit report with no findings on compliance.
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  22. 22. 22 SOURCE: HTTP://WWW.ECFR.GOV/ AND SEARCH TITLE 2 CHAPTER II PART 200 PDF VERSION: HTTP://WWW.GPO.GOV/FDSYS/PKG/FR-2013-12-26/PDF/2013-30465.PDF
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  25. 25. EFFECTIVE FISCAL YEAR ENDING JUNE 30, 2016 (Calendar Year End December 31, 2015)
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  36. 36. 36 Schedule of Expenditures of Federal Awards (SEFA)
  37. 37. 37 Schedule of Expenditures of Federal Awards (SEFA)
  38. 38. 38 Federal Grantor/Pass Through Grantor/Program Title Federal CFDA Number Pass Through Entity Identifying Number Federal Expenditures Expenditures to Subrecipients Department of Education Direct Program – Title I Grants to Local Educational Agencies 84.010 N/A $1,000,000 $800,000
  39. 39. 39 Notes to the SEFA
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  41. 41. 41  Internal Controls – a process implemented by a non-Federal entity, designed to provide reasonable assurance regarding the achievement of objectives in the following (2 CFR Section 200.61): a) Effectiveness and efficiency of operations b) Reliability of reporting for internal and external use; and c) Compliance with applicable law and regulations
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  46. 46. 46 (Tip – use this as a checklist)
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  51. 51. 51  Indirect cost rate for the federal award, including if de minimis rate is charged
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  56. 56. 56 https://www.acquisition.gov/sites/default/files/current/far/html/Subpart%202_1.html
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  76. 76. 76 https://www.whitehouse.gov/omb/grants_docs
  77. 77. 77 https://cfo.gov/wp-content/uploads/2014/12/Agency-Exceptions.pdf
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  91. 91. 91 • Valuation (Actuarial) Date: Date TOL is measured. (Every 2 years AND no more than 30 months +1 day prior to FYE.) TOL rolled forward to Measurement Date. • Measurement Date: Date NOL is measured. Look back no more than 12 months from FYE. MD is typically OPEB plan’s prior year end. Valuation Date June 30, 2015 Employer Fiscal Year End June 30, 2018 Plan Year End (Measurement Date) June 30, 2017June 30, 2016
  92. 92. 92 data used by actuaries to calculate OPEB amounts
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  103. 103. 103  Differences between expected and actual experience
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  110. 110. 110  Healthcare Cost Trend Rate Sensitivity
  111. 111. 111  Discount Rate Sensitivity
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  113. 113. 113 • Change in Deferred Inflows • Actuarial • Employer-calculated (cost-sharing)
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  120. 120. 120  CEP = The total payroll of EEs that are provided with OPEB through the OPEB plan.
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  127. 127. 127 Changes to the GASB 68 Accounting Valuations
  128. 128. 128  Discount rate – no changes in assumptions for MD2016. However, include upcoming change as a subsequent event disclosure.
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  134. 134. 134 http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=117616004 2391 https://www.calpers.ca.gov/page/employers/benefit-programs/cerbt https://www.calpers.ca.gov/page/employers/actuarial-services/gasb
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  145. 145. 145 GASB 73 - Accounting and Reporting for Pension Plans not within the scope of GASB 68 and Amendments to Certain Provisions of GASB 67 and 68
  146. 146. 146 GASB 73 • Applies to pension plans not within the scope of GASB 67 and 68, with certain modifications • Plans that are not held in trust do not have any assets accumulated to offset the TPL and there are no separately issued plan financial statements • Requires that footnote information similar to GASB 67 and 68 be included • Any assets held to pay pension benefits should be reported as assets of the employer
  147. 147. 147 GASB 73 • Discount rate – yield or index rate for 20-year tax-exempt bonds with average rating of AA/Aa or higher • Clarifies certain provisions of GASB 67 and 68 to provide that: • Information about investment-related factors that you can control • Information about external, economic factors should not be presented (for example, changes in market prices)
  148. 148. 148 GASB 77 - Tax Abatement Disclosures Definition
  149. 149. 149 GASB 77 promise to forgo tax specific action
  150. 150. 150 GASB 77 • Tax abatements are widely used by state and local governments to encourage economic development • Note disclosures required: • Distinguish between government’s OWN agreements and agreements by OTHER GOVERNMENTS that affect the reporting entity • Can be individually disclosed or aggregated • Organized by abatement type or program (e.g. income tax vs. property tax incentive) • Disclosures required from the date of agreement and should continue through the abatement expiration date
  151. 151. 151 GASB 77
  152. 152. 152  Not a State or Local Government Pension Plan  Provide benefits to both Government and Non Government employees  No identifiable predominate Government employer
  153. 153. 153 GASB 80 - Blending Requirement for Certain Component Units Effective Date: June 30, 2017
  154. 154. 154 GASB 82 - Pension Issues Effective Date: June 30, 2017
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  165. 165. 165 DEFERRED INFLOW
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  170. 170. 170 1. Securing the IT environment 2. Managing and retaining data 3. Managing IT risk and compliance 4. Ensuring privacy 6. Managing System Implementations 7. Preventing and responding to computer fraud 10. Managing vendors and service providers http://www.aicpa.org/InterestAreas/InformationTechnology/Resources/TopTechnologyInitiatives/Pages/2013TTI.aspx Orange text are all PCI related
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  174. 174. 174 Determine Objectives Assess Risk Apply Controls Assess Controls Monitor
  175. 175. 175 Source: Internal Control Guidelines California Local Agencies 2015 SCO
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  179. 179. 179 Categorize Select Implement Assess Authorize Monitor
  180. 180. 180 Categorize Select Implement Assess Authorize Monitor
  181. 181. 181 Categorize Select Implement Assess Authorize Monitor
  182. 182. 182 Categorize Select Implement Assess Authorize Monitor
  183. 183. 183 the controls are implemented correctly, operating as intended, and producing the desired outcome Categorize Select Implement Assess Authorize Monitor
  184. 184. 184 Categorize Select Implement Assess Authorize Monitor
  185. 185. 185 Categorize Select Implement Assess Authorize Monitor
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  187. 187. 187 “Ransomware is a type of malware installed on a computer or server that encrypts the files, making them inaccessible until a specified ransom is paid. Ransomware is typically installed when a user clicks on a malicious link, opens a file in an e-mail that installs the malware, or through drive-by downloads (which does not require user-initiation) from a compromised Web site.” Source FBI
  188. 188. 188 • Local Government
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  192. 192. 192 You have been hit. Now what?
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  195. 195. 195 Mission Business Unit IT Security Audit
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  198. 198. 198 http://www.mazeassociates.com/maze-live-survey/

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