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GASB audit changes force borough to consider new accounting and billing systems; audit cost rises to $56,250
Summary
New GASB requirements mean auditors can no longer prepare certain accrual adjustments for the borough; staff said the audit price rose to $56,250 and they are evaluating accounting and billing system changes to produce required accrual reports.
Borough staff told council that recent changes to Governmental Accounting Standards Board (GASB) requirements mean auditors can no longer provide year-end accrual adjustments for the borough, which operates its accounting on a cash basis while its bond requires an accrual-basis audit.
Staff said the auditors will now request reports the borough must produce, and…
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