Could your finance staff use some assistance during audit preparation and other critical times of the year? Are you struggling to make year-end adjustments now that SAS 112 has restricted your auditor’s involvement in your financial transactions? Do you have a vacancy in a key financial staff position? VML/VACo Finance’s Accounting Services provide experienced local government accountants to assist localities in addressing their accounting and financial reporting requirements.
The American Institute of Certified Public Accountants issued Statement of Auditing Standard 112 which states: “The auditor cannot be part of a client’s internal control. Becoming part of a client’s internal control impairs the auditor’s independence.” Up until the issuance of this statement, localities across the state often relied on their auditors to assist with the year-end closing process, prepare accrual (accounts receivable and accounts payable) entries, or advise on general accounting matters. With the implementation of SAS 112, auditors were no longer allowed to provide this assistance, and many small to mid-sized localities are struggling to properly prepare their books without the benefit of additional personnel or other resources.
VML/VACo Finance provides quality, affordable, financial services to Virginia localities and authorities. By serving many local government entities, we are able to bring to you the services of top accounting professionals for less cost than hiring additional staff or outside contractors.
Our financial professionals can develop a customized scope of work to provide as little or as much assistance as needed in the areas you designate. We are a cost-efficient way to supplement your staff at year-end or year-round.
Typical accounting services we perform include:
- Financial statements and reconciliation to the prior year audit;
- Fixed asset accounting;
- Year-end accrual entries (accounts receivable & accounts payable);
- Account maintenance / clean-up;
- Debt transactions, GASB 34 financial reporting, compensated absences;
- Enterprise Fund accounting;
- Documentation for risk assessment;
- Temporary backfill for open finance positions, from Bookkeeper to Finance Director.