The government sector is no different from others: the post-recession era has caused drastic debt – and with decreased revenue and increased regulation in this arena, the industry is experiencing mounting pressures. But the unique need to be accountable to taxpayers and regulators places further stress on local, state, and federal governmental entities.
A strict regulatory environment, squeezed budgets, and an uptick in shared services severely challenge the operations and budgetary health of today’s governmental entities. From municipalities, to school districts and higher education institutions, to community clinics and county governments, all players within the governmental sector must stay compliant with either U.S. Government Auditing Standards, OMB Circular A-133, or other specialized audit requirements. The need for extensive grant reporting adds further challenges for this industry; all grantees who expend $750,000 or more in federal assistance per year must obtain a single audit or a program-specific audit by a qualified auditor.
Further, citizens, public officials, and legislators are calling for increased transparency and reporting about government programs and services. Because this industry uses taxpayer dollars, the need for accountability – for the proper use of funds and efficient and economical operations – is exceptionally high.
HRSS’s broad experience with governmental organizations means we have a thorough understanding of governmental operations. We stay up-to-date with governmental accounting and financial reporting standards, making our advice on budgetary and accounting regulations spot-on and insightful. We offer local, state, and federal governmental entities financial statement and compliance audits, yellow book performance audits, indirect cost allocation plans, cost-containment assessments, long-range planning, risk assessment, and internal control evaluations.