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Phase I – Readiness Assessment
•Obtained assistance from KPMG with GASB 34 Implementation efforts
•Performed a Readiness Assessment of the OCG’s ability to prepare GASB 34 compliant statements
•Performed a separate assessment of the OCG’s financial accounting and reporting systems’ abilities to produce GASB 34 compliant statements
•Identified year-end closing packages that will need significant revisions
KPMG brought together its best and brightest to develop a Government Reporting Implementation Process or GRIP designed to assist in establishing policies and implementing processes to generate GASB 34 financial statements.
What sets GRIP apart is its focus on making sure the target develops policies and processes that will allow financial statement preparation long after the GRIP engagement teams leaves.