Editor's Alley: Onward to Year-End and Audit!

Kofi Antobam, Director of Administrative Services, City of Rancho Mirage

Kofi Antobam

Summer is here, hurray!! This month many of us have celebrated and are still celebrating personal and/or organizational milestones such as birthdays, graduations, adoption of budgets, work anniversaries, etc. I hope you took lots of pictures to document such lifetime memories and accomplishments. Congratulations to all who celebrated a milestone this month! Also, a big shout out to all the CSMFO Fathers, Happy Father’s Day! CSMFO appreciates you all.

Summertime for most people is the time to take a break from the early morning rush to get the kid(s) ready for school, sleep-in a little bit, relax and travel. For most government finance professionals, the budget has been adopted and you are ready for a breather. However, just as you go through your checklist to mark items off, you realize one item is still pending – Year-end Close and getting ready for the annual audit. Do not panic as you can still take a breather with the proper planning.

  1. As you prepare for year-end close and get ready for the audit, note the following among other things:
  2. Prepare a year-end closing schedule (if you don’t have one already) and identify the important dates (deadlines) and activities that must be completed and by who.
  3. Remind departments to follow-up with vendors to ensure that invoices for all services provided or purchases through June 30 are submitted timely.
  4. Ensure that all reconciliations are complete through May 31st at the least and transactions match evidence from bank statements, credit card statement, etc. to be audit ready.
  5. Make sure accounts receivable and payables are properly accrued and complete.
  6. Review GASB Pronouncements to determine which are applicable to your organization and gather the necessary information.
  7. Schedule meetings with various departments to obtain information about significant events or projects that occurred during the fiscal year.
  8. Obtain Audit Request List from your auditor and assign pieces to staff as soon as possible with deadlines on when tasks should be completed.
  9. Give yourself ample time to review completed schedules and correct any errors before the audit fieldwork begins.

For the government finance professional, Summer is a two edged-sword – an end to a busy budget season, but the beginning of another crucial season of year-end close and audit preparation. Amidst all the hustle and bustle, remember to find time and enjoy the Summer as “all work and no play” is no good. Have a safe and fun-filled summer!

[ratemypost]

Kofi Antobam is the Director of Administrative Services for the City of Rancho Mirage. Kofi serves as Vice-Chair on the Communications Committee, Coachella Valley Chapter Chair, and a member of the Recognition Committee. Kofi has a combined 20+ years of experience in the public and private financial industries. He enjoys spending time with his wife Elizabeth and daughter Dannelle, singing, volunteering for church activities, and watching basketball.