Who has to report according to GAAP?
Answer.
Who has to report according to GAAP?
Cities, counties, public school districts, community schools, water and sewer districts, and their component units are required to follow GAAP-basis reporting. Currently, villages, townships and libraries are not required to follow GAAP.
What happens if I don't report according to GAAP?
Answer.
What happens if I don't report according to GAAP?
If you are required to file GAAP basis basic financial statements and fail to do so, you will be in non-compliance with Ohio Administrative Code Section 117-2-03 (B) and may be subject to a $750 fine. The ramifications on your audit opinion are described in Auditor of State Bulletin 2005-002.
What is the filing deadline for my GAAP report?
Answer.
What is the filing deadline for my GAAP report?
Unaudited basic financial statements and RSI must be filed with the Auditor of State within 150 days after fiscal year end.
What if I am unable to get my reported filed by the deadline?
Answer.
What if I am unable to get my reported filed by the deadline?
You may request an extension from the Auditor of State's Office. Refer to AOS Bulletin 2008-001 for more information, including allowable reasons, for requesting extensions.
Can I use J&G for both compilation and auditing services?
Answer.
Can I use J&G for both compilation and auditing services?
Yes. J&G has two separate and distinct divisions that provide these different services. Employees in one division are unable to perform any services for the other division and vice-versa. J&G takes great strides to ensure complete independence and segregation between our compilation and auditing practices.
Faced with an increasing workload, additional responsibilities, staff constraints and budget restrictions, today's government financial manager has less time and resources than ever. Our services are designed to alleviate the time burden many government financial managers face.
J&G performs
services for over 300 local governments annually throughout the State of Ohio.
Services
Conversion of cash-basis financial statements to conform with generally accepted accounting principles (GAAP-conversion)
Financial audits of local government entities
Management advisory services including:
Income tax ordinance updates
Policy and procedures manuals
Bank reconciliation
Financial analysis
Although J&G offers a variety of services to government entities, our two primary areas are
auditing and
GAAP-conversions. In the government arena, what makes us unique is the personal attention and service we bring to each client. For both of our primary service areas, we have focused on
four core principles which have, in large part, accounted for our success.
Auditing
Expertise
Any CPA firm can audit financial statements, but few (if any) have specialized solely in the area of audits for local government entities. We know local government entities and our specialty can result in significant time and cost savings to our clients.
Efficiency
Our technology and audit procedures allow us to perform certain functions of the audit at our office. We believe in being well-prepared and organized when we arrive at the clients' site. Our fieldwork is efficient and effective, resulting in minimal disruption to our clients and their staff.
Cost savings
The key to audit cost savings for a local government entity is an efficient, well-run audit. We have the experience and training required to perform such an audit.
Client service
You can't put a dollar value on client service. To us, it is invaluable. Every staff member of a client should be treated with the utmost respect and courtesy. We are adamant in this belief and constantly strive to exceed our clients' expectations.
GAAP-Conversion
Expertise
The partners and staff of J&G have performed over 1,500 GAAP-conversions for city, county and school district clients. Our experience results in fewer audit adjustments, better documentation of reporting issues and facilitates the audit process. J&G has also compiled over 150 Comprehensive Annual Financial Reports (CAFR) all of which have received the certificate of achievement for excellence in financial reporting from the Government Finance Officers Association (GFOA).
Efficiency
Through the use of the internet and computer technology, we can obtain GAAP data without disruption to our clients' daily routine. In addition, we have designed specific source data lists that eliminate wasted time and guesswork.
Cost savings
Due to the efficiencies obtained by specializing our practice solely in the area of governmental accounting, we are often able to perform GAAP-conversions in a more efficient manner than others in the industry. This efficiency results in lower costs to our clients.
Client service
We work to tailor our level of service to fit our clients exact needs. Most of our clients desire a full compilation (limited involvement by the entity) while some desire hourly consulting to train and assist their staff. Either way, J&G is dedicated to working with our clients to ensure their complete satisfaction with our services.
Four Core Principles
Expertise
The utilization of our past experience and resources to know governmental accounting are better than anyone.
Efficiency
Dedication to planning and streamlining engagements to provide time and cost savings to our clients.
Cost savings
We use our expertise and efficiency to derive cost savings for our clients.
Client service
The client is number one to J&G. We strive for complete client satisfaction in everything we do.
The true test of any firm's worth is not only in its own words, but in the words of satisfied clients. We encourage you to contact any of our clients to inquire about the quality and reliability of our services. Please
contact our office to obtain a list of our over 300 current clients.