Our dedicated government practice group is well known for conducting annual, state-wide, Government Tax Seminars, that are well attended by public sector accounting professionals throughout California. Our government practice also conducts government A-133 single audits and provides forensic accounting services (fraud investigations). We also conduct agreed upon procedures (AUP) engagements, related to lease agreements, contractual agreement compliance and transient occupancy tax. White Nelson Diehl Evans is dedicated to providing high quality, client focused services to assist our many customers in the government sector:

  • Cities
  • Water Districts
  • Special Utility Districts
  • Joint Powers of Authority
  • Public Financial Authorities
Single Audit Requirements

The federal government provides more than $400 billion in grants to state, local and tribal governments as well as colleges, universities and nonprofit organizations. Any entity that expends $750,000 or more of federal funds in a given year, is required to complete a Single Audit. A primary purpose of the Single Audit is to determine whether the auditee complied with the federal statutes, regulations, and the terms and conditions of the federal awards that might have a direct and material effect on an entity’s major federal programs. The results of the Single Audits must be submitted to the Federal Audit Clearinghouse, in the form of a Data Collection Form, with in nine months of the entity’s year end.

In December 2013, the U.S. Office of Management and Budget (OMB) introduced Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), which establishes uniform cost principles and audit requirements for federal awards to nonfederal entities and administrative requirements for all federal grants and cooperative agreements.

As one of the first firms in Orange County to perform government related audits, White Nelson Diehl Evans professionals provide in-depth knowledge while still delivering custom levels of service to our government clients. White Nelson Diehl Evans professionals are able to provide the appropriate assistance with implementing and navigating the new Uniform Guidance.

Government Accounting Standards Board vs
Financial Accounting Standards Board

The Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) are more similar than they are different. They both have a purpose based on accounting and financial reporting standards and both are non-government agencies that are composed of a seven member board of directors. The focus of GASB is on state and local government agencies, while FASB focuses on public and most privately-held businesses. Both represent the fundamentals of Generally Accepted Accounting Principles (GAAP). There are essentially four major areas of differences: recognition, measurement, display and disclosure. Recognition determines whether an item appears in the financial statements or not; measurement refers to how items are included in the financials - at what value and based on which criteria; display refers to the differences in classification and order on the financials; and finally disclosures are the differences in notations required.

The most striking differences between GASB and FASB relate to certain transactions or events such as employee benefit programs, investments and required footnote disclosures. FASB is geared towards investors and creditors to make sound financial decisions based on the financial data presented. In recent years, GASB has issued standards to make governmental financial reporting similar to non-governmental entities. However, some differences in financial statement reporting can become problematic when comparing two or more entities or organizations that fall under different reporting standards. For example, a private university would fall under FASB, but a public university would fall under GASB so comparing the two financial statements will reflect the difference in accounting practices.

Understanding the differences in the standards and the requirements for using one over the other will help avoid costly mistakes. Whatever your particular needs or challenges, the experienced team at White Nelson Diehl Evans has spent decades establishing itself as a premier CPA firm within the government segment.

Perspectives
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Developing a Fraud Hotline that Employees Can Trust

7/22/17

The following article is part in a series on protecting your business from fraud, authored by Bill Morgan, CPA, principal at WNDE. What is an Employee Fraud "Hotline"? Employee tip hotlines are...

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Five Tips for Starting a Business

7/21/17

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Sean Thorstenson, CPA, a tax and...

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Manager Profile: Tiffany Fung

7/15/17

Tiffany Fung, CPA, is an audit manager. She joined the WNDE team in 2011. As an audit manager, she is involved with all aspects of an audit engagement, from planning to issuance of financial...

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Contact Us
Government Overview

At White Nelson Diehl Evans, we know how difficult it is to stay ahead of the complex and dynamic tax laws. From new standards changing revenue recognition rules to the impact of the Affordable Care Act, our goal is to help our clients stay in front of tax issues that impact your bottom line. To help in this effort, we have put together a comprehensive tax-planning guide and it’s available to download for free.

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Partner Testimonial

“Serving governmental agencies has been a core practice at WNDE for nearly nine decades. We understand the intense financial and regulatory pressures put upon public entities, and strive to deliver audit, tax and advisory services, that not only meet compliance requirements, but also help our clients meet budgets and deliver necessary services.”

Nitin Patel Audit Partner