Finance Department Assessment

Review internal tribal accounting functions in conjunction with the accounting software, and provide assessment with identified priorities to achieve the goal of internal production of timely and accurate financial reporting. Review significant accounting cycles and functions, provide recommendations and training with MIP system for the following:

Review significant accounting cycles and functions, provide recommendations and training with MIP system for the following:

  • Bank Reconciliations - Assess process and use of MIP bank reconciliations; report recommended process to ensure all bank reconciliations are prepared, reviewed, approved, and in agreement with associated balances within the accounting system.
  • Accounts Payable and Purchasing - Assess process and month-end reconciliations for accounts payable and purchasing; recommend process for the staff involved in accounts payable and purchasing and process for monthly reconciliation preparation, review, and approvals.
  • Grants and Budgets - Assess grants management accounting and reporting process within MIP system for tracking of grant information, drawdowns, and budgets; recommend process improvements for proper tracking and management of grants; propose best practices of MIP system to ensure tracking of grant information, reporting, drawdowns, and accounting reconciliations including proper internal controls for federal reporting.
  • Journal Entries - Assess the process and use of journal entries and proper documentation to support entries; recommend process and best practice on the proper use and functions for monthly reconciliations that require journal entries to ensure journal vouchers/general journal entries (e.g., indirect cost, payroll) are routinely prepared, reviewed, and posted into the accounting system properly.
  • Prepare reconciliations of agreed-upon significant accounts.
  • This includes the reconciliation schedules and support documents and/or proposed journal entries.
  • Prepare the annual government-wide and fund financial statements, including the Governmental Department’s Statement of Net Position and Statement of Activities, a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances.
  • Review and update the Tribe’s prepared Schedule of Expenditures of Federal Awards (SEFA), to agree to the reconciled financial statements.
  • Determine the general ledger account balances that are supported by current account reconciliations.
  • Chart of Accounts - Assess and provide recommendations to improve the chart of accounts for accounting and financial reporting as the tribal accounting functions are assessed.