Larimer County Finance, Treasurer, and Auditor Relationship Insights
Gain valuable insights on the importance of partnerships between Larimer County's finance, treasurer, and auditor departments. Discover how trust, collaboration, and aligning processes can enhance efficiency and effectiveness in county operations.
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LARIMER COUNTY Finance, Treasurer, and Auditor Relationship October 16, 2024 1
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Speakers Lorrie Lopez, CPA Controller, Larimer County Matt Marino, CPA Partner, RubinBrown LLP Max Haberkorn, CPA Manager, RubinBrown LLP 2
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Today s Agenda Why a partnership is important Where we partner at Larimer County Small group discussion Q&A 3
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Why a Partnership is Important Establishes trust - most important Aligns processes & best practice recommendations Fosters collaboration Speeds the audit process, reduces repeat requests. 4
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Why a Partnership is Important Establishes Trust Key for a successful partnership Opens the door for honest discussions Makes change possible and a positive experience 5
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Why a Partnership is Important Aligns Processes & best practice recommendations Both Departments within the County are getting the same information from the auditors and recommendations are holistic, rather than piecemeal for each Department. 6
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Why a Partnership is Important Fosters collaboration - consequences of not collaborating 7
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Why a Partnership is Important Speeds the audit process, reduces repeat requests. Audits of counties are big, long processes. The audit confirmation process of cash and investments has to flow through the treasurer s office by its nature, important relationship for auditors to have with a county. 8
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Audit ACFR Daily processes Projects 9
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Audit Treasurer representative on auditor selection process Introduction meeting Audit testing/backup documentation Follow up meeting 10
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner *ACFR - Annual Comprehensive Financial Report Deposit/Investment note Cash General Agency fund 11
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Routine Processes Payment process Types of payments - checks, ACH, Wire, e-pay, purchasing cards Check clearing Deposits Interface - treasurer s system & general ledger Year end Outside checking accounts Bank reconciliations 12
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Routine Processes Wire transfers 13
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Routine Processes Year end 14
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Routine Processes Department-specific checking accounts 15
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Projects Streamline year-end cash process New financial system Vendor portal 16
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Projects Streamline year-end cash process 17
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Projects New financial system 18
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Where We Partner Projects Vendor portal 19
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship What We Have Accomplished Trust Respect for each other s area of expertise Successful audits More efficient processes A new financial system that benefits both of us More secure vendor payments 20
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Small Group Discussion Get in groups of 2 or 3 Talk about - How do you interact with your finance dept? How do you interact with your external auditors? Share 21
LARIMER COUNTY Finance, Treasurer, and Auditor Relationship Thank you! 22
