Apache County June 30, 2003 Report Highlights-Single Audit

Office Of The Auditor General

Description

Apache CountyREPORT The County Treasurer NeedsHIGHLIGHTS To Improve its Controls OverSINGLE AUDITCash and InvestmentsSubjectThe County isresponsible for preparing The primary responsibility of the County The following steps can help the Treasurer’sfinancial statements, Treasurer’s Office is to manage public and Office establish a control environment andmaintaining strongtrust monies of the County and related control procedures to safeguard its cashinternal controls, andpublic subdivisions. As of June 30, 2003, and investments:demonstratingaccountability for its use the Treasurer’s Office held over $111of public monies. As the • Implement prior audit recommendations.million in these public monies. A breakoutauditors, our job is to • Develop comprehensive written policiesof the Treasurer’s cash and investmentsdetermine whether the and procedures.for June 30, 2003, is presented in theCounty has met its • Clearly define and separate keyfigure to the right.responsibilities. responsibilities among employees.• Implement existing policies andOur Conclusion Our report indicates that the Treasurer’s procedures to help ensure accountingOffice has not established an adequate records’ accuracy.The information in thecontrol environment or effective controlfinancial statements is • Maintain computer system data andprocedures, and has not adequatelyfairly stated in all information in sufficient detail to identifymaterial respects and protected these monies from ...

Informations

• Publié par: Erda
• Nombre de lectures: 9
• Langue: English

Extrait

Apache County

REPORT The County Treasurer Needs HIGHLIGHTS SINGLE AUDIT To Improve its Controls Over Cash and Investments Subject The County is responsible for preparing The primary responsibility of the CountyThe following steps can help the Treasurer’s financial statements, Treasurer’s Office is to manage public and Office establish a control environment and maintaining strong trust monies of the County and relatedcontrol procedures to safeguard its cash internal controls, and public subdivisions. As of June 30, 2003,and investments: demonstrating accountability for its use the Treasurer’s Office held over $111 of public monies. As the prior audit recommendations. Implement million in these public monies. A breakout auditors, our job is to  Developcomprehensive written policies of the Treasurer’s cash and investments determine whether the and procedures. for June 30, 2003, is presented in the County has met its  Clearlydefine and separate key figure to the right. responsibilities. responsibilities among employees.  Implementexisting policies and Our Conclusion Our report indicates that the Treasurer’s procedures to help ensure accounting Office has not established an adequate The information in the records’ accuracy. control environment or effective control financial statements is computer system data and Maintain procedures, and has not adequately fairly stated in all information in sufficient detail to identify material respects and protected these monies from possible and support individual transactions the financial statements fraud or abuse. We have issued reported in the Treasurer’s Report. can be relied on. With recommendations to the County in two  Assessand monitor operational areas for the following exception, previous audits that the Treasurer’s Office the County maintained has not yet implemented. adequate internal controls over financialTreasurer's Total Cash and Investments reporting and federal Our report included examples of internal June 30, 2003 compliance. Specifically, control deficiencies, as follows: the report recommends $9,255,280 that the Treasurer  Oneemployee had access to assets establish internal $11,996,900 and related accounting records with no controls to safeguard independent review of the employee’s cash and investments. activities.  Investmentswere understated by over $198,000 on the Treasurer’s records.  Computersystem data and information was not maintained in sufficient detail $90,286,110 to identify and support individual Cash transactions reported in the Treasurer’s U.S. Government Securities Report without time consuming Local Government Inv estment Pool alternate procedures by auditors. 2003 Year Ended June 30, 2003

The County Implemented a New Reporting Model

The information presented in the Apache County Single Audit Reporting Package for the year ended June 30, 2003, follows the new reporting model specified by the Governmental Accounting Standards Board Statement No. 34. The new accounting standards required the County to implement the new reporting model this year.

The new reporting model’s objective is to enhance the understandability and usefulness of government financial reports to the citizenry, legislative and oversight bodies, and investors and creditors.

The most important changes resulting from this reporting model’s implementation include:

 Newgovernmentwide financial statements that focus on the overall government are presented in addition to traditional fund financial statements.  Separatefinancial statements are presented for the County’s largest funds rather than by aggregate fund types such as special revenue, capital projects, and debt service funds.  Depreciationexpense is reported for all capital assets that the County owns.  Reconciliationsare presented between the governmentwide financial statements, which focus on the economic changes in total resources, and the fund financial statements, which focus on the financial changes in current spendable resources.  Management’sDiscussion and Analysis, a new document in which the County provides an introduction and analytical overview of the County’s financial activities, is included in the report.

The management’s discussion and analysis, governmentwide financial statements, and fund financial statements provide three different views of the County’s financial resources and the year’s results of its financial activities.

Statement of Net Assets June 30, 2003 (In thousands)  Total Governmental  Activities Current and other assets$18,275 Capital assets17,362 Total assets35,637 Current and other liabilities1,865 Longterm liabilities5,162 Total liabilities7,027 Net Assets Invested in capital assets, net of related debt13,794 Restricted 6,284 Unrestricted 8,532 Total net assets$28,610

TOOBTAIN MOREINFORMATION A copy of the full report de can be obtained by calling of (602)5530333

Statement of Activities Year Ended June 30, 2003 (In thousands)  Total Governmental  Activities Program revenues: Charges for services$ 2,275 Operating grants and contributions13,634 General revenues: Taxes 9,611 Miscellaneous 3,938 Total revenues29,458 Expenses: General government8,307 Public safety7,628 Highway and streets7,739 Health 2,045 Education 2,324 Other 1,099 Total expenses29,142 Change in net assets316 Net assets—beginning28,294 Net assets—ending$28,610

or by visiting our Web site at: www.auditorgen.state.az.us

Contact person for this report: Phil Shultz

REPORT HIGHLIGHTS SINGLE AUDIT

Year Ended June 30, 2003

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