From kathryn.ross at state.or.us Tue Feb 7 09:04:21 2012 From: kathryn.ross at state.or.us (ROSS Kathryn * SCD SARS) Date: Tue, 7 Feb 2012 09:04:21 -0800 Subject: [CAFR-Contacts-News] Training Opportunity: NASACT Webinar, Feb. 29, 11:00 AM, 2 CPE Credits, Vet's Auditorium Message-ID: <8A8CF693A3BB294DB354A999D49CF8180B1885B0@exchnode01.ad.state.or.us> A NASACT Training Webinar Clarifying the Clarity Standards: An Overview Wednesday, February 29, 2012 11:00 AM - 1:00 PM The State Controller's Division (SCD) will host a webinar sponsored by NASACT in conjunction with the Association of Government Accountants and the Association of Local Government Auditors. It has been years in the making, but with the issuance of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants completed a major portion of its "Clarity Project." SAS No. 122 (also known as the "Super SAS") brings together and codifies 39 clarified SASs that the ASB had finalized, but had not issued, during the past three years. Because the Clarity Project spanned several years, some of the earlier clarified standards needed to be updated to reflect, among other things, amendments to certain SASs and changes in SAS titles, terminology, and formatting that were introduced towards the latter part of the project. In preparation for SAS No. 122, the clarified SASs were reviewed and fine-tuned to identify and eliminate inconsistencies and to verify cross-references. SAS No. 122 also adds a preface to the Codification of Statements on Auditing Standards titled, Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards. These principles provide a framework that is helpful in understanding and explaining an audit. Further, these principles address the purpose of an audit, the personal responsibilities of the auditor, the auditor's actions in performing an audit, and auditor reporting. This webinar, the first of a two-part series on the clarity standards, will provide an overview on: * Which standards changed? * Which standards are still being worked on? * How much is different? * How will the new standards affect my audits? * What do I need to know now? Join Randy C. Roberts, Professional Practice Director for the Arizona Office of the Auditor General, for this informative two-hour training session. Randy served as a member of the Auditing Standards Board from 2008 through 2010 during the majority of the deliberations of the Clarity Project. He has served, and continues to serve, on various AICPA task forces. Date: Wednesday, February 29, 2012 Time: 11:00 AM - 1:00 PM Location: Veterans' Auditorium 700 Summer St NE Salem OR. (Reminder - no food is allowed in the auditorium) CPE: Two credits Cost: Free (hosted by SCD) Register: https://ilearn.oregon.gov/Kview/CustomCodeBehind/Base/Login/Login.aspx (Keyword: NASACT) Materials: Materials will be emailed to registered participants before the webinar. Participants should print a copy of the materials to bring with them. Kathryn Ross Statewide Accounting & Reporting Manager Oregon State Controller's Division 155 Cottage Street NE, U-50 Salem, OR 97301 NEW Phone: (503) 373-0265 Fax: (503) 378-3514 http://oregon.gov/DAS/SCD/SARS Data Classification: Level 1 - Published -------------- next part -------------- An HTML attachment was scrubbed... URL: From kathryn.ross at state.or.us Wed Feb 8 14:30:20 2012 From: kathryn.ross at state.or.us (ROSS Kathryn * SCD SARS) Date: Wed, 8 Feb 2012 14:30:20 -0800 Subject: [CAFR-Contacts-News] Gold Star Requirements Message-ID: <8A8CF693A3BB294DB354A999D49CF8180B1885CA@exchnode01.ad.state.or.us> Hello Everyone, In October 2011, SARS reiterated certain changes to the Gold Star requirements that were discussed in the year-end closing training held in June 2011. Since SARS is now in the process of completing FY 2011 post-closing adjustments, this is a good time to send a reminder of the Gold Star requirements: 1. Measurement period: The official Gold Star measurement period will run from January through December, with the certificate awarded the following January/February. 2. Timely completion of required tasks: Throughout the calendar year, it is critical that agencies perform required tasks, record required accounting entries, and submit information deemed essential to the year-end closing process and preparation of the CAFR, the SWCAP, and CMIA reports by the specified due dates. The Schedule of Key Events is not completed, but will include the following key dates for FY 2012: * April 13 - FY 2011 post-closing entries must be recorded in R*STARS no later than the close of March. NOTE: Post-closing entries are adjustments the SARS team provides to agencies in the January/February timeframe that are required to sync up an agency's current year beginning balances with the prior year ending balances reported in the CAFR. * August 10 (close of Month 13) - Last date for agencies to obtain pre-approval from SARS to submit "agency-generated" post-closing adjustments related to fiscal year 2012. * August 20 - Last date for agencies to submit the General Disclosures, Long-Term Debt Disclosures, and Agency Certification of Accuracy and Completeness. * August 20 - Last date for agencies to submit the SEFA Disclosures, Schedule of Expenditures of Federal Awards (including subrecipient pass-through information), and Agency Certification of Accuracy and Completeness. * September 17 - Agencies that prepare their own separate, audited financial statements must submit a first draft to SARS by this date. 3. Accuracy and Completeness: In addition to timeliness, SARS will evaluate the number and nature of the CAFR adjustments required to correct an agency's accounting records to ensure compliance with GAAP. SARS will also consider the magnitude and nature of the audit adjustments required by Secretary of State, Audits Division (or required by contract auditors hired by Secretary of State) as a measure of accuracy and completeness. 4. Communication of Important Issues: Early communication of issues that may affect an agency's ability to timely complete required tasks is imperative. For example, agencies need to inform SARS well in advance when critical personnel will not be available during the year-end close. In this situation, the agency should provide the names and contact information of those employees who will assume interim responsibility for the closing process. Agencies should also notify SARS early in the process when dealing with large, unfamiliar transactions - agencies should not wait until the year-end close to ask for guidance. In both cases, it may be appropriate for SARS to meet with the agency's CAFR accountants. Agencies that submit audited financial statements must notify SARS as soon as possible of expected delays in providing requested data or final draft statements that are integral to the completion of the State of Oregon CAFR. These agencies are expected to keep SARS apprised of the situation. Increased communication is especially critical, beginning mid-November through issuance of the auditors' opinion letter. 5. Attendance at Training Events: Agencies must ensure that one or more of their CAFR accountants attend all governmental accounting training sponsored by SARS, unless the training does not apply. For example, in June 2010, SARS presented refresher training on the accounting and reporting for long-term debt. If an agency has no long-term debt, that agency's CAFR accountants would not be required to attend. In addition, this requirement does not apply to certain webinars hosted by SARS, such as those sponsored by NASACT and others that increase general governmental accounting knowledge but are not specific to the State of Oregon. SARS expects to have all post-closing adjustments communicated to agencies by the end of February. If you have questions, please contact your SARS analyst. Agencies that earned the Gold Star Certificate for 2011 will receive their awards later this month. Thank you, Kathy Kathryn Ross Statewide Accounting & Reporting Manager Oregon State Controller's Division 155 Cottage Street NE, U-50 Salem, OR 97301 NEW Phone: (503) 373-0265 Fax: (503) 378-3514 http://oregon.gov/DAS/SCD/SARS Data Classification: Level 1 - Published -------------- next part -------------- An HTML attachment was scrubbed... URL: From kathryn.ross at state.or.us Tue Feb 21 15:23:34 2012 From: kathryn.ross at state.or.us (ROSS Kathryn * SCD SARS) Date: Tue, 21 Feb 2012 15:23:34 -0800 Subject: [CAFR-Contacts-News] Statewide Balancing Reports Update through 2/17/2012 Message-ID: <8A8CF693A3BB294DB354A999D49CF8180B188622@exchnode01.ad.state.or.us> Hello CAFR Accountants, The statewide balancing reports have been updated and posted today, February 21, 2012. The reports contain data through February 17, 2012. Please use these reports to monitor your agency's records and work with other agencies to correct any transactions that are out of balance at the statewide level or that have an incorrect GASB 38 code. The reports can be accessed through the following link: http://oregon.gov/DAS/SCD/SARS/swbreports.shtm If you have any questions, please contact your SARS analyst. Thanks, Kathy Kathryn Ross Statewide Accounting & Reporting Manager Oregon State Controller's Division 155 Cottage Street NE, U-50 Salem, OR 97301 NEW Phone: (503) 373-0265 Fax: (503) 378-3514 http://oregon.gov/DAS/SCD/SARS Data Classification: Level 1 - Published -------------- next part -------------- An HTML attachment was scrubbed... URL: