NASACT News | May 2014 1 MESSAGE from NSAA’S PRESIDENT

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NASACT News | May 2014 1 MESSAGE from NSAA’S PRESIDENT KEEPING STATE FISCAL OFFICIALS INFORMED VOLUME 34, NUMBER 5 | MAY 2014 NATIONAL STATE AUDITORS ASSOCIATION PROVIDES REAL VALUE FOR MEMBERS: INFORMATION SHARING, NETWORKING & MORE BY REBECCA OTTO, STATE AUDITOR OF MINNESOTA AND PRESIDENT OF NSAA Looking back over the last year, I can honestly say that Subsequent to the Measurement Date and Measurement the time has fl own. It has been an honor to serve as your of Elements of Financial Statements) and one preliminary president. NSAA is one of the best organizations that I have views document (Fair Value Measurement and Application) ever been a part of: the members are highly professional, from the GASB. Additionally, the committee responded always willing to assist one another, and are very to two exposure draft s from the American Institute of productive. Combine that with top-notch professional staff Certifi ed Public Accountants: the proposed statement on from NASACT, and we have a winning formula! standards for attestation engagements titled Attestation Standards: Clarifi cation and Recodifi cation and the When I fi rst became the state auditor of Minnesota, NSAA proposed statement on auditing standards titled Using the reached out to me and convinced me to attend an annual Work of Internal Auditors. I want to thank all committee conference. Th ey off ered a scholarship to help defray my members who participated in responding to these due costs, which made it possible for me to attend. Attending process documents. the conference was one of the best things I did. Being an active member of NSAA has helped me grow professionally NSAA members were also involved in working on and to forge many valuable relationships. When the NASACT’s response to the Financial Accounting economic downturn hit and the Recovery Act arrived, it Foundation’s request for input on GASB’s Scope of was helpful to work with other NSAA members to make Authority: Consultation Process. Th is work helped shape the sure we could meet the increased demands of overseeing fi nal outcome for GASB’s process in considering projects. ARRA funds with reduced staffi ng levels. Member input was valued and had an overall positive outcome for the standard-setting system. Based on my positive experiences over the last eight years with NSAA, I would highly recommend that new members NSAA’s Human Resources Committee continued to hold become involved and consider serving on an NSAA information sharing calls with many states joining in on committee. Th ere are several to choose from, and meetings the conversation. Th ere has been a continuing interest in are normally held by conference call. Th e committees work recruitment, retention and developing our future leaders as on a range of issues important to our work. long-time employees retire and the economy picks up. Th is is not a surprise, considering that the ability of our offi ces NSAA members and our committees stayed busy this to provide strong, eff ective oversight hinges on having year. NSAA’s Audit Standards and Reporting Committee a highly professional, trained, productive and engaged created a work group to discuss audit issues related workforce. As the economy continues to improve, attracting to the implementation of Statement No. 68 from the and retaining the best and brightest to work in government Governmental Accounting Standards Board. Th e work auditing will most likely become more challenging. Th is group has held seven conference call meetings. I want will require all of us to stay on our toes, understand the to thank everyone who put time and energy into the needs of the next generation of auditors, and be creative work group, especially Gerry Boaz (TN) who chaired the to ensure that we are successful. HR information sharing meetings. calls work because of the willingness of member offi ces to Th e Audit Standards and Reporting Committee also, share their approaches to recruiting, improving retention, in conjunction with state comptroller’s Committee on boosting morale, onboarding new staff successfully, and Accounting and Financial Reporting, responded to two exposure draft s (Pension Transition for Contributions Made continued next page REBECCA OTTO, NSAA PRESIDENT 2013-14 Minnesota State Auditor Otto was elected in 2006 and re-elected in 2010. She taught seventh grade science for five years. A successful businesswoman, she left a career as president of a 50-employee business she helped found to devote her time to public service and give back to the community. She holds a master’s degree in education from the University of Minnesota and a B.A. in biology from Macalester College. NASACT News | May 2014 1 MESSAGE FROM NSAA’S PRESIDENT handling promotions. I want to especially thank John July 1, 2013. He was a very active contributing member Geragosian (CT) for serving as the vice-chair of the including serving as president of the association. In his committee, and Glen Fowler (CA), Scott Frank (KS) and new position as the GASB chair, David hit the ground Roland Turner (VA) for always being willing to share what running. We look forward to a great working relationship they are doing around HR. Th e benefi t of working on this with him in the years to come. I also want to wish a warm committee is that you realize many of us face the same farewell to Tom McTavish (MI), as he will be retiring issues no matter what part of the country we serve in. soon aft er decades of public service in the governmental auditing fi eld. As a result of well-deserved retirements or NSAA’s Performance Audit Committee, chaired by Steve members moving on to other opportunities, I also want Eells (NJ), also continues to hold regular information to welcome these new NSAA members: Paul Joyce (IN), sharing calls. Most recently, the committee hosted a Marc Larkins (NJ) and Doug Ringler (MI). joint information sharing call with the E-Government Committee to discuss the types of audit provisions that As the president of NSAA, I have the honor and privilege should be included in cloud services contracts. of hosting the NSAA annual conference on June 10-13, 2014. Th e conference will be held in beautiful downtown A very popular service that NSAA off ers is the technical Saint Paul, Minnesota. Saint Paul is very easy to get to from inquiry program. When a member wants to fi nd out the Minneapolis/Saint Paul airport. Th e Mall of America, a how other states are handling issues such as purchasing must-see destination, is about a 15-minute drive from the new soft ware, addressing new auditing or transparency hotel. Located by the mighty Mississippi River, Saint Paul has requirements, or setting up a hotline, for example, NSAA much to see within walking distance of the conference site. staff will send out a technical inquiry on their behalf. My offi ce had NSAA send out a technical inquiry, and my staff We have a great agenda planned for the conference! We found the information we received from member offi ces will have a special focus on technology and making sure we very helpful. If you want to look back at past inquiries and have a strong workforce in the years to come. I hope that responses, you can fi nd them in the members only section Saint Paul’s Midwestern location will provide a great middle of NASACT’s website. ground for everyone to travel to. And I promise: the snow will be gone, the ice will be out on the lakes and rivers, and Finally, I would be remiss if I did not publicly thank some the grass will be green. See you all soon! of our departing members. David Vaudt, former Iowa auditor of state, took the helm as the chair of the GASB on NSAA COMMITTEE MEETING SCHEDULE 10:30 a.m. E-Government IT’S NOT TOO LATE TO REGISTER! The following NSAA committees will meet on Presiding: Chloe Haidet (GA), Chair Visit www.nasact.org to register and find Tuesday, June 10, in conjunction with the 2014 11:30 a.m. Peer Review additional details! Questions may be directed to NSAA Annual Conference in Saint Paul, Minnesota. Sherri Rowland at [email protected] or (859) All NSAA members and staff are invited to attend. Presiding: Elaine Howle (CA), Chair 276-1147. Conference call-in capability will also be offered. 1:30 p.m. Single Audit Those wishing to participate by conference call Presiding: Dianne Ray (CO), Chair may do so by dialing (512) 225-3050 (guest code 67981#). All meetings are listed in Central time. 2:30 p.m. Audit Standards and Reporting PROGRAM Presiding: Randy Roberts (AZ), Chair 8:30 a.m. Human Resources 3:30 p.m. Performance Audit Presiding: Rebecca Otto (MN), Chair Presiding: Steve Eells (NJ), Chair 9:30 a.m. Auditor Training 4:30 p.m. Executive Committee Presiding: Courtney Carraway (NC), Chair Presiding: Rebecca Otto (MN), NSAA President DON’T FORGET THE TRAVEL ASSISTANCE PROGRAM! State auditors in good standing are eligible to receive up to $750 in travel assistance to attend the conference. The assistance will be provided as a reimbursement following the conference. Download the travel assistance form at www.nasact.org/conferences_training/nsaa/conferences/ AnnualConferences/2014AnnualConference/2014AnnualConference.cfm. NASACT News | May 2014 2 NEWS FROM WASHINGTON SINGLE AUDIT ROUNDTABLE HOLDS FIRST MEETING OF 2014 Th e fi rst 2014 single audit roundtable was held recently be discussing future revisions to the CPE requirements to to update participants on issues related to the federal refl ect current trends. single audit process. Th e roundtable, which is held twice Th e American Institute of Certifi ed Public Accountants yearly, is a forum for discussion between the federal provided an update on practice quality initiatives and on government (including federal inspectors general) and the activities of the Government Audit Quality Center state auditors and CPA fi rms that conduct the single audit.
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