State and local governments (SLG) and their related organizations, including nonprofit and quasi-governmental organizations have unique financial and operational issues. Highly regulated and compliance driven, these organizations have an entirely separate set of accounting standards, compliance requirements, and operational functions unlike any other type of organization. These entities include cities, towns, counties, water and waste treatment facilities, transportation agencies, affordable housing agencies, financing authorities, special-purpose commissions. Because Rubino & Company has purposefully focused on serving regulated industries as a firm practice approach, state and local governmental organizations are a natural fit. We understand the complexities of this environment and the regulatory requirements in which governmental agencies work. Interestingly, many of our clients in this industry are not only subject to multiple regulations, but are responsible for oversight of regulatory compliance of others. The role this dual nature creates has several financial and compliance implications that must be considered in financial reporting and operational decision-making.
Rubino & Company provides a wide range of services to assist state and local governments with the challenges today’s ever-changing accounting and compliance regulations create. In the last several years, governmental entities, probably more than any other industry, have been charged with providing more transparency than ever before. This has impacted financial reporting and “raised the bar” for identifying compliance issues. What seems like ever-expanding pension and OPEB reporting, new definitions of what a component unit is, fair value measures, and the new requirements of Uniform Guidance bring more complexity, options, and opportunities that need to be considered when making both daily operational and long-term strategic decisions about the direction of the organization. At Rubino & Company, we are committed to identifying and implementing solutions to the challenges that affect state and local governmental organizations and related entities.
Our professionals are experts in understanding the unique accounting and compliance issues facing Stat and local government clients. We stay current on all new accounting pronouncements and have more than enough experience to help our clients determine what is applicable to them, how to implement, and the impact of these changes on financial reporting, compliance, and operations. In addition, these changes bring unique audit and attestation challenges. As a result, our audit teams are prepared to assist clients in understanding what is expected of them, BEFORE the audit begins, so that the agency can stay ahead of any new requirements.
Just as important as understanding these unique requirements to help guide the agency on financial reporting and regulatory compliance, our broad range of experience provides you with the ability to step back and see the bigger picture. We have the experience and knowledge of resources to help SLG entities answer the tough strategic questions about the future and consider the best options given the availability, or lack thereof, of funding resources and regulatory restrictions.
Because we have worked both externally as auditors and internally as outsourced CFO’s, we bring a unique and practical perspective to the issues that SLG entities face and this knowledge can be applied to each agency’s individual situation. This provides agencies with benefits beyond an audit report and additional insights bring a practical approach to addressing financial and compliance issues.
Our professionals are recognized as sources of expertise and knowledge on state and local government reporting, accounting, and compliance issues. Some of the services provided include:
- Annual Financial Statement Audits
- Single Audits in accordance with OMB under the Uniform Guidance
- Year-end closings and regulatory reporting requirements such as additional state or special-purpose reporting.
- Component unit determination, audits, and tax services, where applicable.
- Outsourced CFO and accounting services
- GASB Implementation
- General financial and compliance consulting
- Bond financing including consent and comfort letters
- Internal control and fraud risk assessment and consulting