Opinion

Corrine Wilson: Audits serve important role for tribal nations

Friday, February 7, 2014

Accountants Corrine Wilson and Bruce Bleakman explain the importance of audits within a tribal nation: For many years, the Native American Finance Officers Association (NAFOA), a tribal organization, has focused on technical accounting and financial reporting standards applicable to Tribes. NAFOA has provided education and advocated for Tribes in the accounting standards setting process, as demonstrated by the following:

Since 2000, a Native American CPA has represented NAFOA Governmental Accounting Standards Board Advisory Council.
NAFOA has published accounting and financial reporting guides for Tribes and tribal gaming.
In partnership with the American Indian Policy Institute at Arizona State University, NAFOA developed and conducts training and certification programs specific to Tribes and tribal gaming. The programs cover the sovereign, legal, regulatory, accounting and financial management of Tribes, including federal awards.
NAFOA provided tribal input to the AICPA in the development of their Gaming Guide.
NAFOA provides input to the Federal OMB and other regulatory authorities on existing regulations and proposed changes.

We believe all concerned tribal financial professionals should join with NAFOA to uphold and strengthen tribal sovereignty by addressing the ongoing and future complex accounting, financial reporting and auditing standards and other financial and business strategies..

Tribes are sovereign, independent nations that govern and manage their affairs and control their resources. As part of their fiduciary responsibility, it is essential that Tribes have appropriate accounting, financial reporting and auditing standards so they can better convey financial and compliance information to their constituents and stakeholders..

Get the Story:
Corrine Wilson & Bruce Bleakman: Accounting, Financial Reporting and Auditing Issues for Tribes (Indian Country Today 2/7)