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What is the role of auditors in attesting to sea data

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Reference no: EM131004944

Question 1

What are the possible differences that may occur between a state or local government's budgetary practices and GAAP?

Question 2

How should governments report their capital projects and debt service activities in their government-wide financial statements?

Question 3

Government colleges and universities have several reporting options under GAAP. What are they? What financial statements would be presented under each? What basis of accounting would be used?

Question 4

In the governmental fund types, expenditures are generally recognized when resources are acquired. Liabilities are generally recognized if they will be liquidated with available expendable financial resources. Define "available." Relate the definition of available to the recognition of liabilities and expenditures in governmental fund financial statements. Discuss the reporting deficiencies that are directly associated with the use of the available criterion in the governmental funds.

Question 5

What is "overlapping debt" and why is it important to financial analysts and others who use government financial statements?

Question 6

How do the three major financial statements of a public college or university differ from those of a private not-for-profit college or university?

Question 7

The GASB has encouraged governments to publish service efforts and accomplishments (SEA) data. What is the role of auditors in attesting to SEA data?

Question 8

Investment trust funds are one of four types of fiduciary funds. What is the purpose of investment trust funds? What is the nature of the assets and liabilities that they report? Can the government that provides an investment trust fund invest its own assets in that fund?

Question 9

A not-for-profit entity raises funds to support specific programs, services, and activities. The recipients of the programs, services, and activities are frequently not the providers of the resources needed to deliver the programs, services, and activities. What information would donors to these not-for-profit entities be interested in seeing? What information would program beneficiaries be interested in seeing? Identify other users of the financial statements of a not-for-profit and the types of information in which they would be interested.

Question 10

What are performance audits and how do they differ from financial statement audits? Your answer should address the role of performance audits in government financial management, the purpose of performance audits, and significant differences between performance audits and financial statement audits.

Question 11

For what purposes do governmental entities use agency funds? What are the distinguishing characteristics of agency funds?

Question 12

How do the three major financial statements of a private not-for-profit hospital differ from those of a government hospital?

Question 13

What is meant by a "unified budget"? Why are Social Security and Postal Service receipts and disbursements not included in the unified budget?

Question 14

What are the key reporting options available to public colleges and universities?

Question 15

A city receives a federal grant which the city must pass through to smaller units of government who meet the eligibility requirements. The city must monitor these smaller units of government for compliance with grant requirements.

•How should the city recognize this grant in its fund financial statements?.

•Would your answer be different if the city were not required to monitor the other governments for compliance with grant requirements? Explain.

Question 16

What is a charitable remainder trust? How should it be accounted for?

Question 17

GASB standards allow a major exception for reporting depreciation expense on certain capital assets. What is this exception? What is the notion behind the exception?

Question 18

An electric utility reports both restricted assets and restricted net position, but the amounts are different from each other. What could account for this difference?

Question 19

The federal government maintains a dual system of accounts. What are the two types of accounts? Why does the federal government keep two types?

Question 20

As the comptroller of a hospital, you were just informed that one of the surgeons failed to remove an instrument from a patient's innards. The hospital is certain to be sued. How, if at all, should this information affect the hospital's financial statements?

Reference no: EM131004944

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