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the exit conference. We will also discuss any significant difficulties or disagreements encountered during the audit and their resolution. Loss Reporting State agencies and local governments are required to immediately notify our Office in the event of a known or suspected loss of public resources or other illegal activity. These notifications can be made on our website at http://portal.sao.wa. og v/saoportal/public.aspx/LossReport. Peer Reviews of the Washington State Auditor's Office To ensure that our audits satisfy Government Auditing Standards, our Office receives external peer reviews every three years by the National State Auditors Association (NSAA). The most recent peer review results are available online at http://www.sao.wa.gov/about/Pages/PeerReviews.aspx. Our Office received a "pass" rating, which is the highest level of assurance that an external review team can give on a system of audit quality control. Emerging Issues Some of the emerging issues affecting local governments are the following: Ensure your bank deposit slips are detailed We have learned that not all banking institutions are providing a detailed breakout of cash and checks on bank validated deposit slips. If your banking records do not contain the detailed cash/check composition of your deposit, you will want to take corrective action as soon as possible. Reconciliation of daily deposits is intended to ensure that all the funds your organization received make it to the bank intact. A proper reconciliation entails someone not involved in receiving the funds comparing a financial system receipting report to the bank validated deposit slips. The reconciliation compares the cash and check amounts listed in the financial system with those listed on the deposit slip. If the amounts do not agree,the independent reviewer should follow up to determine what caused the problem. State and local governments can implement cash receipting controls, such as verifying deposits,to monitor for fraudulent activity and to catch mistakes. Please take the time to check in with your cash-receipting departments and determine if they are getting detailed, bank validated deposit slips. If your organization is not getting detailed,bank validated deposit slips, contact and work with your bank to start receiving these records. Financial reporting for investment trust funds Current county audits have identified some issues associated with the reporting and disclosure of investment trust funds in the financial statements. Counties should report an external investment pool or individual investment account as a separate"investment trust fund"and not as an agency fund in the financial statements. For an investment pool, only the external portion would be included in this investment trust fund, while the internal portion belonging to the county and its component units generally would be allocated as assets to those funds and component units.