OSA Weekly Update - 5/31/2024

1. Message from Auditor Blaha

2. Released: Pension Newsletter

3. Avoiding Pitfall: Asset Inventories

4. Job Openings

5. Deadlines

1. Message from Auditor Blaha

Are you interested in streamlining and modernizing local audit and reporting requirements? Our office’s Local Government Oversight Task Force will begin meeting this August to address that challenge. If you would like to observe the meetings, read the materials, or share your ideas, sign up for updates here. We’ll keep you up to date on progress toward lightening the load while protecting accountability.

2. Released: Pension Newsletter

The May Pension Newsletter is out! The Newsletter provides links to the updated Investment Basics Series of investment topics for relief association trustees. The Newsletter also includes a legislative update, and information for auditors about the upcoming June 30 reporting deadline.

3. Avoiding Pitfall: Asset Inventories

Each governmental entity should have an inventory of tangible assets. In addition to complying with accounting standards, an inventory may help determine the extent of loss if a break-in, fire, or other disaster occurs. It can also help detect employee thefts.

To develop and maintain a tangible asset inventory system, we recommend that public entities:

• Set a minimum dollar value for assets or class of assets that will be included on the asset inventory list(s);
• Assign actual or estimated historical costs to each item;
• Create an inventory listing of all assets above the minimum dollar amount;
• Assign the responsibility for knowing the location of each asset to a department head or official;
• Label each asset with identifying information, such as the name of the public entity and a unique asset number;
• Record the disposal and acquisition of assets; and
• Keep your asset inventories current by conducting physical inventory inspections and counts on a regular basis.

For “capital assets” as defined by governmental accounting principles:

• Identify and record capital asset information in your accounting system;
• Determine the useful life for various classes of assets to be used for depreciation purposes; and
• Create general ledger account codes to record capital asset transactions.

Additional Avoiding Pitfalls are available on the OSA website.

4. Job Openings

 

 

Local Government Auditor Staff Specialists

The OSA is hiring three Local Government Auditor Staff Specialist Based in Saint Paul, this position is responsible for assisting in the audits of local governments by ensuring that appropriate procedures are performed that are necessary to determine the reliability of clients' financial statements and compliance with legal and regulatory requirements.

The job postings will close on June 13, 2024. For more information, visit the OSA website.