Governmental Entities

Audit Client Information To-Do List

Please send the following reports to our office as soon as they are completed after your entity’s year-end. We will need the following reports as Excel spreadsheets attached to an email. Please email the information to me at: rfarmer@farmercpas.com

1. Balance sheets - all funds.
2. Revenue budget to actual reports - all funds.
3. Expense budget to actual reports - all funds.

If there were any supplemental budgets adopted also email a copy of the resolution that changed the budget from the original budget and let me know if the budget amounts, per the financial statements, are original or final budget numbers.

Please have the following items ready when we arrive:

1. Minutes and Resolutions for the year under audit through February of the current year. You can download this information on a CD or email the minutes to me at the above address.  
2. Insurance policies, grants or any other new agreements (such as leases) and contracts entered into during the year. 
3. The W-3 and 941’s for the year being audited.
4. All funds’ bank reconciliations with the County Treasurer or with other banks as of year-end, including the year-end bank statements and the bank statements for the two months after year-end.   
5. General liability loss notices, if any, from your insurance company. This may be a letter stating the status of any insurance liability issues.
6. Insurance participation letter with the pools or insurance policies indicating that coverage was in effect for the year being audited.   
7. List of general fixed assets purchased during the year being audited. You will also need to have the information to update the appropriate depreciation schedules for GASB 34 requirement, which will include additions and deletions. Include copies of the invoices for all of the purchases.
8. List of any lawsuits outstanding as of year-end including all legal invoices for our review. Per our engagement letter, we may send a legal letter to your attorney(s).
9. List of accounts payable for all funds as of year-end. List accounts payables by funds indicating date paid, vendor, amount paid and account charged.
10. Listing of all federal funds received, if any, indicating name of program, CFDA number and amount received and expended during the year being audited. Include all letters that you received from any State of Colorado agency that indicates they paid you federal dollars.
11. Listing of all accounts receivable, if any, by fund as of year-end. List the date received, payer, and account charged.
12. If you have bonds outstanding during the year, we will need the reports from the paying bank.
13. Breakdown of accrued payroll, if any, as of year-end by fund.
14. Listing of accrued vacation, if any, as of year-end. I will also need to know the wages for the employees for the year being audited.          
15. Copies of the retirement plan investments with Colorado Officers and Employees Retirement Association and/or other retirement plans for footnote disclosure.
16. Total salaries paid in the year, amount of salaries eligible for pension contributions, employee pension contributions by type of pension plan and entity contributions to the retirement plan(s).
17. Copy of annual Road & Bridge report--we will file this electronically on your behalf if you do not file the report yourself.  
18. Copy of annual Conservation Trust Fund report.
19. List of Ambulance Funds accounts receivable and bad debts, if applicable.
20. The dollar amount, if any, of contraband forfeitures received by the Sheriff during the year.

Be sure to start your management discussion and analysis (MD&A) document as soon as you can. You may not be able to finalize it until draft copies of the audit are received, but you need to start accumulating the required information. 

Please have the above information ready and pulled so we can begin fieldwork when we arrive. Although this list is extensive, the items are needed as part of the audit. If there is any other information we may have left off the list that you feel will help us, please pull it and we will review it together. Do not hesitate to call if you have any questions.

Due to changes in professional standards that relate to audits, we will need you to write out your procedures for the following five classes of transactions. Use Microsoft Word and email the document to me or update your documents for any changes during the past year. Your description of the following five classes of transactions will have to be very detailed and will have to cover any person or department that can receive cash, pay bills, incur costs, etc. Your procedures do not have to be very formal, long drawn out things that need to be done; just what you are doing in the five categories below. Every entity has procedures.  They may not be reduced to writing which is fine, but you need to reduce them to writing so those procedures can be tested.