A financial specialist oversees fiscal management for the government or security agency. He or she performs audits and maintains compliance.
Imagine you are a financial specialist in a state or local government criminal justice agency. Your agency director has received an audit report discrepancy that identified the agency was using a mixture of cash basis and accrual accounting methods. Your director wants to implement only one method and has asked you to develop a recommendation.
Write a recommendation in which you:
• Summarize each accounting method, including advantages and disadvantages of each method.
• Identify which accounting method you recommend the agency should implement—cash-basis, accrual, or modified accrual—and a detailed explanation of why you selected that method.
• Explain how your chosen accounting method aligns with fiscal management strategies.
