Rachlin, Cohen & Holtz # 1 - Laserfiche WebLink

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VILLAGE OF ABC, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS (Continueu) The three checks noted above were to vendors of the Village and did not appear to be of an emergency nature. Criteria To comply with the Village's Resolution requiring two (2) signatures on each check issued for more than $10,000 and prudent business practice would dictate that at least one signature on checks issued for less than $10,000. Effect Although disbursements were determined to be business related expenses, the Village should ensure that it has the controls in place to safeguard assets from loss or misuse. Recommendation We recommend that a person independent of the bank reconciliation should review all checks prior to mai ling to ensure checks contai n the authorized signatory(ies), as requ ired by the Vi lIage' s resolution and prudent business practice. Governmental Accounting Standards Board Statement No. 45 - Accounting and Financial Reporting by Employersfor Post-Employment Bellefits Other thall Pensiolls As part of the total compensation offered to attract and retain the services of qualified employees, many statc and local governmcntal cmployers, in addition to pensions, provide othcr post-employmcnt benefits (OPEB). OPEB includes post-employment healthcare, as well as other forms of post-employment benefits when provided separately from a pension plan. The Governmental Accounting Standards Board has issued Statement No. 45 which establishes standards for the mcasuremcnt, recognition, and display of OPEB expenses/expenditures and related liabilities (assets), note disclosures, and if applicable, required supplementary information (RSI) in the financial reports of state and local governmental employers. Post-cmployment benelits (OPES) are part of an exchange of salaries and bcnefits for employee services rendered, and arc taken after the employee's services have ended. from an accrual account i ng perspective, the cost of OPEB should bc associated with the periods in which the exchange occurs, rather than with the periods, often many years later, when benefits are paid or provided. Howcver, in current practice, most OPES plans are financed on a pay-as-you-go basis, and financial statements generally do not report linancial cffects of OPEB until the promised benefits are paid. As a result, current financial reporting generally fails to recognize the cost of the benefits in periods when the related scrvices are received by the employer, provide information about the actuarial accrued liabilities for promised benefits associated with past services and whether and to what extent those benelits have been funded and provide information useful in assessing potential demands on the employer's future cash flows. This Statement improves the relevance and usefulness of financial reporting by (a) requiring systematic, accrual basis measurement and recognition of OPEB expense over a period that approximates employees' years of service and (b) providing information about actuarial accrued liabilities associated with OPEB and whether and to what extent progress is being made in funding the plan. -4-