This conference has been developed by the Governmental Accounting and Auditing Interest Group of the NJSCPA.
Hear an update on major legislative, regulatory and compliance changes.
Learn about important accounting and auditing developments that will affect your work.
Receive timely updates, and take a practical look at the issues every auditor should consider.
This conference is for CPAs, auditors, city officials and other financial professionals who perform or are involved in local government audits.
Registration and Breakfast
Welcome and Opening Remarks
Robert W. Swisher, CPA – Suplee, Clooney & Company
Averting a Second Disaster: Leading Financial Oversight Practices Following Disasters
Matthew Jadacki - Ernst & Young LLP
With pressure being put on federal and state budgets, more recently, the disaster response, recovery, and mitigation reimbursement process has come under much greater scrutiny. This has resulted in more stringent federal oversight of grant and contract reimbursement programs. Accordingly, it is critical that recipients of public assistance and hazard mitigation funds meet the demands of increased oversight. The DHS OIG will continue to scrutinize projects. Many local governments (subgrantees) have been the target of recent DHS OIG audits. The DHS OIG in 2011 alone identified over $300 million in questioned costs due to compliance and eligibility issues which may result in a return of funds to the federal government.
This presentation will provide background and “war stories” based on decades of experience regarding technical and regulatory compliance issues for all forms of disaster relief assistance, including public assistance, and hazard mitigation assistance. The goals are to educate the audience on how to minimize risk throughout the process and to be prepared when audits occur so that funds are retained.
Attendees will receive an overview of the current state of financial oversight on disaster management and why it should be top of mind to recipients of FEMA grants.
Attendees will get a better understanding of the financial oversight requirements applicable to disaster and mitigation programs, including those requirements in the Stafford Act, FEMA regulations (44 CFR), the Federal Acquisition Regulations (FAR), OMB Cost Principles and regulatory policies and procedures.
Avoiding Common Single Audit Quality Issues
Kimberly Hancy, CPA – Ernst & Young LLP
Single audits are an important accountability mechanism for the expenditure of federal funds. However, they can also be complex engagements and have been prone to audit quality issues. This session will focus on common single audit deficiencies and provide auditors with guidance on performing high-quality single audits.
Dean Michael Mead – Governmental Accounting Standards Board
This session provides an overview of the latest developments at the Governmental Accounting Standards Board. Topics will include implementation issues related to the new pension standards, proposals related to other postemployment benefits, fair value measurement, application, and disclosure, and the hierarchy of generally accepted accounting principles, and ongoing work on leases and fiduciary responsibilities.
OMB Super Circular Update: Impact of A 133 and Other Circular Revisions
Daniel J. Murrin, Partner – Ernst & Young LLP
The December 2013 Super Circular combines the myriad current Circulars and Bulletins and makes important changes to federal guidance applicable to the federal Grant making entities, Grantees, Subrecipients and Auditors. When fully adopted and effective, the changes will impact the complete life cycle of grants. This session will provide an overview of the changes, with a particular focus on the impact on audit processes.
School District Financial Reporting – What are the Requirements & Expectations of the New Jersey Department of Education, Office of School Finance
Michael Mindlin, CPA, MS – NJ Department of Education
The session will review the interim and year-end financial reporting requirements of New Jersey’s school districts. The session will review what steps the independent auditor must document when asked by the school district to prepare the financial statements the firm is also engaged to audit; what modifications to the auditor’s reports may be required under GAGAS and Single Audit; the proper placement of audit findings in the CAFR and AMR; the proper format for suggestions to management; common school district CAFR/AMR reporting errors encountered by NJ DOE Finance; and adding value to your firm’s school district audit services.
2011 Yellow Book Implementation Issues
John F. Dailey, Jr., CPA, Partner – Bowman & Company LLP
The 2011 version of the GAO’s Yellow Book has been in effect since January 1, 1012. This session takes a look back at some problem areas and other implementation issues related to its implementation.
Regulatory Update – New Rules by the Securities and Exchange Commission and Their Impact on State and Local Government Issuers of Debt
Matthew D. Jessup, Esq. - McManimon, Scotland & Baumann, LLC
After decades of being largely overlooked, the municipal bond market has found itself under a regulatory microscope. The Securities and Exchange Commission is increasing its involvement in this market, primarily through the passage of the “municipal advisor” rule and the implementation of the Municipalities Continuing Disclosure Cooperative Initiative. This session with explore each of these new developments, how they impact State and local government issuers of municipal bonds and notes, and how the role of the registered municipal accountant is changing.
This conference qualifies for Yellow Book credits.
Reminder: The end of the current New Jersey triennial reporting period is December 31, 2014. Click here for answers to some frequently asked questions on license renewal.
Online pre-registration for this event is now closed.
John F. Dailey, CPA
Retired Partner, Consultant
Bowman & Company LLP
John F. Dailey Jr., CPA, is partner and ethics compliance officer at Bowman & Company LLP. Specializing in the audits of governmental agencies, he is currently the partner-in-charge of five municipal, two school district, three charter school and twelve fire district audit engagements. He has acted as an expert consultant on the establishment, consolidation and dissolution of fire districts. In addition, Mr. Dailey has served the New Jersey Department of Community Affairs, Division of Local Government Services as a member of the Registered Municipal Accountants Steering Committee, charged with the responsibility of revising the Requirements of Audit
for New Jersey municipalities. Mr. Dailey has authored articles that have been published in several professional journals, and speaks regularly as a discussion leader for continuing professional education seminars.
Mr. Dailey is a member of the American Institute of Certified Public Accountants (AICPA), the New Jersey Society of Certified Public Accountants (NJCPA) and the New Jersey Registered Municipal Accountants Association. His professional accomplishments include a term as president of the NJCPA (2002/03). In addition, Mr. Dailey served as a member of the NJCPA executive committee for five years, and has also served as vice president, treasurer and board of trustees member. In December 2009, Mr. Dailey was awarded the Society’s Distinguished Service Award for “Exceeding Expectations and Setting the Standard of Excellence for Others to Follow.” He has co–authored revisions to the New Jersey Law and Ethics course sponsored by the NJCPA and serves as one the of the Society’s discussion leaders for the New Jersey Law and Ethics course. Mr. Dailey has served the AICPA as a member of council and currently serves as a member of the Institute’s Professional Ethics Executive Committee. In March 2005, Mr. Dailey was appointed to serve as a member of the New Jersey State Board of Accountancy and currently serves as president of the Board.
Mr. Dailey earned his bachelor’s degree in business administration from Villanova University. In 1997, he received a Certificate of Educational Achievement in governmental accounting and auditing from the American Institute of Certified Public Accountants.
Kimberly M. Hancy, CPA
Senior Manager/Assurance Services
Ernst & Young LLP
Kimberly M. Hancy, CPA, is a senior manager at Ernst & Young LLP, where she focuses on the audits of governmental entities. Ms. Hancy is also a resident in the firm’s Professional Practice Auditing Group, regularly fielding questions on various technical matters. She is a frequent speaker on GASB accounting and compliance audit topics for the firm.
Ms. Hancy is a member of the American Institute of Certified Public Accountants (AICPA), New Jersey Society of Certified Public Accountants (NJSCPA) and the New York State Society of Certified Public Accountants (NYSSCPA). She received a bachelor’s degree in accounting and finance from Lehigh University.
Executive Director, Assurance Services
Ernst & Young LLP
Matthew Jadacki joined EY after 30 years of public service as a senior executive with the Federal government, with the last 20 directly related to FEMA and disaster-related activities. He has managed compliance and performance audits of disaster funds in almost every State and FEMA region.
Mr. Jadacki has worked on dozens of major disasters including Hurricane Katrina, the Northridge Earthquake, the Space Shuttle crash, Midwest floods, and Hurricane Andrew. His reports identified hundreds of millions in ineligible and disallowed expenses and non-compliance with laws and regulations, including significant violations of Federal procurement regulations, internal control weaknesses, and related project accounting issues. As a result of his work, he has testified as an expert witness before both Senate and House committees more than 30 times on various topics, including disaster management, fraud, contracting issues, budget, insurance, improper payments, disaster preparedness, and other related issues.
Mr. Jadacki held several senior financial and emergency management positions in the Federal government. He was Chief Financial Officer/Chief Administration Officer for the National Weather Service, a component of the National Oceanic and Atmospheric Administration of the U.S. Department of Commerce. He spent 15 years in FEMA in various senior level positions, including Chief Financial Officer and Audit Director for the Office of Inspector General. Mr. Jadacki played an instrumental role in the integrating FEMA programs, budget, and financial operations into the Department of Homeland Security in 2003.
Matthew D. Jessup, J.D.
Matthew D. Jessup, J.D., is an attorney with McManimon, Scotland & Baumann, LLC, focusing almost exclusively on public finance transactions. He’s participated in the issuance of hundreds of millions of dollars of bonds and notes for countless counties, municipalities and public authorities. His recent successes include the financing of a municipal justice complex through the issuance of government-subsidized Build America Bonds and the multi-issuer financing of the Bayonne Crossing Shopping Center through the issuance of payment-in-lieu-of tax bonds.
His expertise spans the arena of public finance, including general obligation and revenue obligations, public/private development financing and New Jersey Environmental Infrastructure Trust financing.
Mr. Jessup is admitted to the bars of New Jersey and Pennsylvania, and is a member of the American Bar Association and the National Association of Bond Lawyers. He received a B.B.A from The George Washington University; a J.D from Villanova University School of Law; and an M.B.A. from Villanova University.
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Dean Michael Mead
Dean Mead is the research manager at the Governmental Accounting Standards Board (GASB), where he is responsible for overseeing GASB project managers in the planning, design and administration of the GASB’s research agenda and for managing external research. He is the author of the GASB’s seven-volume User Guide Series, which serves as a non-technical, plain-language introduction to government financial statements for non-accountants. Mr. Mead also coordinates the GASB’s constituent outreach and communication efforts and is staff liaison to the Governmental Accounting Standards Advisory Council. Additionally, Mr. Mead is a lecturer at Rutgers Business School, Rutgers University, where he teaches governmental accounting and auditing.
He is a member of the American Accounting Association, the Association for Budgeting and Financial Management, the Association of Government Accountants, the Governmental Research Association, the Municipal Analyst’s Group of New York and the National Federation of Municipal Analysts. Mr. Mead currently serves on the editorial boards of Public Budgeting & Finance and The Journal of Government Financial Management.
Prior to joining the GASB, Mr. Mead was deputy research director at the Citizens Budget Commission in New York.
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Michael Mindlin, CPA
New Jersey Department of Education
Michael Mindlin, CPA, M.S.T., is a planning associate at the Office of School Finance for the New Jersey Department of Education. He has been a member of the Fiscal Policy and Planning group since 2001. Mr. Mindlin’s primary responsibilities include accounting and financial reporting guidance for districts and independent public accountants; maintaining the school district Chart of Accounts; issuance of approved indirect cost rates; and school district travel procedures.
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Daniel J. Murrin
Americas Director Government & Public Sector Services
Ernst & Young LLP
A partner, certified public accountant and certified government financial manager, Daniel Murrin has over 34 years of experience in the public sector audit services arena. Prior to his return to Ernst & Young in October 1992 as a Partner, Mr. Murrin was a Professional Accounting Fellow at the U.S. Government Accountability Office (GAO) for two years. Mr. Murrin’s fellowship term at the GAO coincided with the passage and implementation of the Chief Financial Officers (CFO) Act, which reemphasized financial management in the federal government. Mr. Murrin serves as a resource within E&Y on public sector auditing issues and liaison to the Government Accountability Office, Office of Management and Budget (OMB), and Federal Inspectors General community. Mr. Murrin assists in developing and interpreting guidance for our teams in providing audit and advisory services in the federal, state, local and grantee communities and more broadly in the application of government auditing standards.
Mr. Murrin assists our teams in providing audit and advisory services to a number of federal agencies, including audit services to the Department of Health and Human Services, Tennessee Valley Authority, United States Postal Service and Amtrak. Mr. Murrin has assisted myriad agencies as they enhanced their internal controls over the last two decades, applying criteria from the GAO Green Book and implementation guidance embedded in related OMB Circulars. In addition to successively improved audit opinions, agency implementation of recommendations included in work products associated with these efforts have led to improved internal controls.
Mr. Murrin is a frequent speaker on issues impacting the public sector and has served on committees, in board, officer, or other leadership roles for the Greater Washington Society of Certified Public Accountants, the AICPA and Association of Government Accountants (AGA). His leadership in the implementation of government auditing standards and the CFO’s Act is recognized in the federal financial management community, including receipt of the Andy Barr Award from AGA in 2008, the Distinguished Service to the Financial Management Community Award from the Washington DC Chapter and the 2011 President’s Award from the Greater Washington Society of CPAs. Mr. Murrin received his B.S. in Economics with highest honors from the Wharton School at the University of Pennsylvania.
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