1. Financial Policies:
The GFOA Checklist includes guidance on establishing and maintaining financial policies, such as the development of an annual budget and the adoption of accounting standards.
2. Budgeting Processes:
This section outlines guidelines for creating and executing a budget process that meets best practices and legal requirements.
3. Internal Controls:
Guidance on implementing appropriate internal controls to reduce the risk of financial fraud or mismanagement is provided here.
4. Reporting Requirements:
Information on how local governments should be reporting their finances is included in this section, along with information about the types of reports required by law or regulation.
5. Auditing Processes:
Best practices related to auditing processes are outlined, such as the selection of an independent auditor, conducting annual audits and reviews, and reporting results.
6. Risk Management:
This section includes guidance on assessing potential financial risks and mitigating those risks through appropriate measures.
7. Financial Transparency:
The GFOA Checklist provides information on how to ensure transparency in local government finances, including access to financial records and disclosure policies.
8. Public Records Retention:
This section outlines requirements for keeping public records in order to meet legal obligations, as well as guidelines for digitizing documents to make them more accessible.
9. Ethics Policies:
Guidance is provided on developing policies related to ethics and conflicts of interest that comply with laws and regulations governing local governments.