On July 9, 2025, Galasso Learning Solutions, a trusted name in governmental audit training, hosted a live webinar titled “Detecting ACFR Deficiencies with DataSnipper.” Facilitated by Alexandria Romero, CPA, the session brought together audit professionals, accountants, and finance staff from the public sector to explore one of the most pressing issues in governmental financial reporting: improving the accuracy and consistency of the Annual Comprehensive Financial Report (ACFR) using automation tools like DataSnipper.

This engaging session walked through common ACFR pitfalls, real-world audit pain points, and how technology is reshaping the audit workflow. Below is a detailed recap for those who missed the live event—or anyone who wants to revisit the key takeaways.

What Is an ACFR and Why Does It Matter?

The Annual Comprehensive Financial Report (ACFR) is a critical financial document issued by governmental entities such as states, counties, and municipalities. It offers a comprehensive overview of the government's financial health, including statements, disclosures, and statistical data.

A complete ACFR includes three primary sections:

1. Introductory Section: Features the table of contents, transmittal letter, list of principal officials, organizational chart, and any awards such as the GFOA Certificate of Achievement.

2. Financial Section: Contains the independent auditor’s report, management’s discussion and analysis (MD&A), basic financial statements, and required supplementary information.

3. Statistical Section: Presents long-term trends related to financial data, economic conditions, debt capacity, and operating information.

Some ACFRs also include an optional Compliance Section, typically housed at the end of the report, to support grant and program accountability.

The integrity of the ACFR is essential—it not only serves as a public accountability document but also affects a government's ability to secure funding, maintain transparency, and comply with GASB standards. As Alexandria Romero emphasized, "Accuracy and consistency are the foundation of public trust in governmental reporting."

Accuracy and consistency are the foundation of public trust in governmental reporting.

Common ACFR Deficiencies

Despite their importance, ACFRs are often riddled with issues that can delay audits, create confusion, or lead to reputational harm. The webinar outlined three primary categories of deficiencies:

1. Formatting and Terminology Errors

• Mislabeling the document title (e.g., omitting “Comprehensive” or using outdated formats)

• Using incorrect or outdated GASB language

• Inconsistent headings, terminology, or report layouts

2. Internal Consistency Issues

• Figures in the MD&A that don’t reconcile with the basic financial statements

• Net position or fund balance amounts that vary across schedules

• Discrepancies between notes, RSI, and financial statement figures

• Inconsistent data presentation in the Statistical Section

3. Disclosure and Classification Deficiencies

• Missing or incomplete disclosures

• Incorrect classification of restricted vs. unrestricted funds

• Improper identification of major funds

• Failing to report leases or SBITAs (subscription-based IT arrangements) separately

• Budgetary comparisons with formatting issues or outdated content

Where DataSnipper Comes In

To help overcome these common deficiencies, the webinar showcased DataSnipper, an Excel-integrated audit tool designed to increase accuracy and reduce time spent on manual tasks. DataSnipper integrates directly into Excel and enhances audit documentation by automating tie-outs, cross-referencing, variance checks, and disclosure validations.

Key Features of DataSnipper for Government Audits

Text Snip

• Creates a direct reference from a cell to a specific location in a source document (like a PDF).

• Helps track figures and narratives between different ACFR sections.

• Especially useful for validating whether MD&A figures match the financial statements.

Sum Snip

• Automatically adds values from various sources and ensures totals are accurate.

• Highlights any discrepancies in manual summations.

• A valuable tool for ensuring footings and roll-forwards match across documents.

Table Snip

• Converts tables (even across multiple pages or documents) into structured Excel data.

• Allows for customizable columns and row extraction.

• Perfect for statistical and combining fund schedules.

Version Compare

• Compares two versions of a document or spreadsheet and highlights any differences.

• Ensures that final versions reflect all necessary updates from draft revisions.

• Saves reviewers significant time by isolating what changed.

Tick & Tie Project Suite

• Performs a complete variance check across financial statements.

• Identifies mathematical errors, subtotal discrepancies, and classification mismatches.

• Great for verifying roll-forwards and reconciliations during the audit.

DocuMine

• Imports a GASB disclosure checklist into Excel.

• Automatically scans a draft ACFR for content that answers each checklist item.

• Flags missing or incomplete disclosures and provides direct links to relevant sections.

Real-World Scenarios Shared During the Webinar

Alex Romero walked through several practical use cases, demonstrating how a well-implemented DataSnipper process can significantly reduce audit fatigue. A few examples included:

• Using Search + Snip to validate that the same revenue number appears correctly in the MD&A, Statement of Activities, and footnotes.

• Leveraging Sum Snip to confirm that fund totals correctly roll up into the government-wide statements.

• Running Version Compare to track that the last-minute reclassifications made by finance teams were actually reflected in the final ACFR.

These demonstrations showed how small steps—like linking or summing data—can dramatically improve confidence in the numbers and reduce the chance of rework during the audit phase.

Key Takeaways

The overarching message from the webinar was clear: Technology doesn't replace professional judgment, but it dramatically enhances it.

Accuracy Matters

With growing scrutiny around governmental financial reporting, even small inconsistencies can create big problems. A missing disclosure or unverified subtotal can result in audit delays or even adverse findings.

Efficiency Saves Time and Cost

By reducing the number of manual tie-outs and cross-references, DataSnipper enables teams to focus on analysis and oversight rather than tedious documentation.

Collaboration and Training

Audit teams benefit from shared knowledge and consistent review practices when using tools like DataSnipper. It also serves as a great development resource for junior staff.

Automate What Can Be Automated

Tasks like checking totals, confirming footings, or comparing versions are better done through automation. This leaves more time for high-value activities, like interpreting variances or reviewing internal control processes.

Accelerated Productivity for Government Audit teams

DataSnipper transforms complex and time-consuming audits and finance processes into seamless, precise workflows. Extract, cross-reference and verify data with the Intelligent Automation Platform in Excel. Learn more today.