Work Order Mistakes to Avoid

CPE: 1 Credit Hour

In the intricate landscape of financial management, precision is paramount, especially when it comes to the work order system. Join us for this knowledge-packed Zoom that delves into the vital realm of work orders and the mistakes that occur that can materially impact financial reporting.

The work order system is very complex and the accounting is impacted by every department at the cooperative. Plant in service is the largest balance on an electric cooperative’s balance sheet and significantly impacts our members electric rates. Being able to identify when a mistake has occurred timely, will allow cooperatives to avoid answering tough questions from their board, members, auditor, and regulators. As such, this session will focus on the mistakes within the work order system that the presenter has encountered that either resulted in a material audit adjustment or identified weaknesses in internal controls.

Learning Objectives:

• Upon completion, the participant will be able to understand the various work order mistakes that the presenter has encountered over a fifteen-year career in auditing electric cooperatives.
• Upon completion, the participant will be able to identify risk that impact the work order accounting system and can result in material errors in the financial statements.
• Upon completion, the participant will be able to implement the necessary safeguards and procedures to ensure that mistakes do not occur at their cooperatives.

Presenter and Moderator Bios

Presenter: Adam R. Bailey, CPA, Partner, Partner, Bolinger, Segars, Gilbert & Moss, L.L.P.

Adam has been a partner at BSGM since 2018. He is a CPA and a 2004 graduate of Texas Tech University with dual degrees in accounting and finance. He is active in the firm’s financial statement audit practice specializing in auditing electric cooperatives, financial institutions, and single audits associated with federal grants and awards.

In the course of performing an audit, Adam is very involved in working directly with various electric cooperative software vendors as a way for the firm to more efficiently conduct the audit. Through these efforts, he has assisted with developing specific reports tailored to the needs of auditors and electric cooperative clients alike. He is also involved in developing industry-specific audit programs and training for use by the firm's staff in conducting audits of electric cooperatives and financial institutions.

In his free time, Adam enjoys traveling to various parts of the country with friends and family, as well as attending various sporting events.

Moderator: Peggy Maranan, CPA, DBA, MBA, CFO & Vice President-Finance, DEMCO

Peggy Maranan joined DEMCO in February, 2021 and serves as VP, Finance. DEMCO is located in Greenwell Springs, LA. Prior to that time, Peggy worked at Lee County Electric Cooperative, Inc. in North Ft. Myers, FL for twelve years as Manager, Financial Accounting.

She received a B.S. in Accounting from DeSales University in Center Valley, PA, an MBA from Wilkes University in Wilkes-Barre, PA, and a doctorate degree in business administration (DBA) in 2015 from Argosy University, Sarasota, FL. Peggy holds a CPA license in Florida.

Peggy served on the National Society of Accountants for Cooperatives (NSAC) Electric Cooperative Chapter (ECC) Board, and currently serves as the Immediate Past-President. Peggy authors accounting and finance articles in the NSAC industry publication “The Cooperative Accountant”.

She is mother to four children, has seven grandchildren, and enjoys family-time activities.