Get ahead of future challenges in your CAFR process. These are the top 5 concerns state comptrollers have about the future of CAFR reporting. To find out more, visit www.workiva.com/industries/government.

1. 5 things that keep
comptrollers up at night

2. In early 2016, the National Association of State Auditors,
Comptrollers, and Treasurers surveyed members across all
50 states about their current processes for the developing
the Comprehensive Annual Financial Report (CAFR).
The survey sought to provide state comptrollers with an
opportunity to voice the top barriers, technology
applications, and staff concerns associated with the
preparation of the CAFR each year.

3. These are the top 5 concerns
raised by survey respondents
about CAFR reporting.

4. 1 FUTURE STATE OF FINANCIAL REPORTING
54% of survey respondents said
they were somewhat or very
concerned about the accuracy of
their current CAFR, while nearly
79% expressed concerned about
future accuracy.
EXPRESSED
CONCERNED

5. 1 FUTURE STATE OF FINANCIAL REPORTING
These numbers reveal a need
for a close consideration of
current processes, and more
importantly, a sense of urgency
about finding solutions to the
increasing challenges in the
near future.
EXPRESSED
CONCERNED

6. 2 GETTING ALL THE DATA
96% of respondents stated that
they gather data from more than
16 individual sources, ranking
data collection as one of the
most time-consuming steps in
the CAFR process.
STEPS ARE TOO
TIME-CONSUMING

7. 2 GETTING ALL THE DATA
Gathering information from
third parties was reported as
one of the biggest worries for
survey respondents.
Collecting unstructured data
provides opportunity for
errors in data accuracy and
possible security issues.
STEPS ARE TOO
TIME-CONSUMING

8. 3 DATA ACCURACY
A concerning 75% of
respondents said they found
errors in their CAFRs—a clear
symptom of a process in need
of improvement.
FOUND ERRORS

9. 3 DATA ACCURACY
FOUND ERRORS
Errors in CAFR data are most
often a result of adjustments or
late revisions to numbers from
component units, errors in fund
roll-up, and inaccurately reported
capital assets.
Across all instances, the common
factor in these errors is a
reliance on manual processes for
gathering and entering data.

10. 4 INCREASING LEGISLATION
The DATA Act is coming, and with it
will come new reporting requirements
for already overburdened financial
reporting teams.
Wisely, over 66% of respondents
reported being somewhat to very
concerned about the looming
legislation.
CONCERNED

11. 4 INCREASING LEGISLATION
CONCERNED
The impact from the 2018 rollout
of DATA Act requirements will
trickle down to the state and
local level in many ways.
One of the most pressing concerns
for CAFR teams is being able to
manage compliance with reporting
and disclosure requirements for
new GASB standards.

12. 5 HAVING THE RIGHT TOOLS FOR THE JOB
One of the top 5 barriers to producing a quality and timely CAFR
is the technology used to gather the data and produce the report.
Here are tools being used.
They prevent timely audit, opening
the door for reporting errors.
Excel and Word are a registered trademark of Microsoft Corporation in the United States and/or other countries

13. To gather To compile To review
Excel Email Excel Word Excel Email
96% 78% 96% 89% 75% 64%
Microsoft
®
Word and Excel, while the most widely-used tools in the
CAFR process for compiling charts and tables, are not meant to speak
to each other—requiring hours of manual transposing and grouping
information from document to document.
Excel and Word are a registered trademark of Microsoft Corporation in the United States and/or other countries
Having the right tools for the job

14. A close analysis of this information
reveals agencies need to start
taking action to improve their
processes in order to meet the
challenges ahead.
The results of the survey indicate a
consistent theme—a technology
solution that provides a single,
collaborative work space would
alleviate all of these challenges.
Where to go from here
?

15. Most respondents stated that
the best solution would
address problems with
ineffective tools and
technology, which would also
increase the effectiveness of
their workflow processes.
The ideal solution

16. The full survey
A close consideration of the results covered in the survey can
serve as a good starting point for agencies of any size or type to
begin identifying how to improve their CAFR processes and
prepare for future challenges. The survey also provides input from
respondents on characteristics to look for in a technology solution.
Click here to get your copy of the
2016 Survey of State Comptrollers
and Their CAFR Processes.