User Account

All Pages

What types of information are include in statistical section

Assignment Help Auditing
Reference no: EM131643266

Assignment: Financial Statement/Audit Report Review

You will be assigned one state government and review the financial statements and audit report for that entity.

Write a three to five page paper in which you:

Review the introductory section of the comprehensive annual financial report (CAFR).

1. Was the entity's annual report awarded a "certificate of achievement for excellence in financial reporting?" What is the significance of this award?

2. What are the key issues addressed in the letter of transmittal?

3. Review the financial section.

1. Did the entity receive an "unqualified" audit opinion? If not, why not?

2. Does the report contain Management's Discussion and Analysis (MD&A)? If so, what key issues are addressed?

3. What are the main sources of the entity's revenues, including those from both the governmental and business-type activities?

4. Does the report discuss the accounting basis for recognizing revenues?

5. Does the entity's government-wide statement of net assets or governmental-fund balance sheet report "deferred revenue?" If so, what is the most likely reason this revenue has been deferred?

6. What is this entity's property tax rate?

7. At what percentage of fair market value is real property assessed?

8. When are property taxes due? When do interest and penalties begin to accrue?

9. Did this entity generate revenue from traffic fines? As best you can tell, are these revenues reported in the government-wide statements as program revenues (e.g., associated with police or public safety) or as general revenues?

10. Does the report include "required supplementary information?" If so, what are the main areas addressed?

11. Does the report include "combining statements?" If so, what is the nature of these statements?

12. Does the report include other supplemental information? If so, what types of information are in this section of the report?

13. Review the statistical section.

1. What is the population of your entity?

2. Who is the entity's major employer

3. What types of information are included in the statistical section?

4. State your opinion on the financial condition of this entity. Your opinion should be supported with the results of your analysis.

5. When answering the questions above, please be specific by citing the page number or numbers from the CAFR!

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

Reference no: EM131643266

Questions Cloud

Define online learning strategies : Completing courses in the absence of a physical classroom and frequent face-to-face contact can be challenging
Literature review on internet of things : Your literature should be supported by at least three (3) academic (Journal/Conference) papers chosen from the current state of the art - current or future
Calculate the dollar amount of direct materials : ZZ, Inc. has budgeted sales for the next five months as follows: Calculate the dollar amount of direct materials to be purchased in January
Nurses as leaders in health care reform : Nurses as Leaders in Health Care Reform, the United States continues to evolve, either through mandates
What types of information are include in statistical section : Does the report include "combining statements?" If so what is the nature of these statements? What types of information are included in the statistical section?
Describes the 8 core functions of an ehr : Describes the 8 core functions of an EHR. Please select one of the functions and describe what it does.
Calculate the margin bell division needed to earn in march : Calculate the margin the Bell Division needed to earn in March in order for the residual income in March to be equal to $310,000
Find the number of cars they generally sell in one week : Sixty-five randomly selected car salespersons were asked the number of cars they generally sell in one week. Fourteen people answered that they generally sell.
Calculate the net present value : M.T. Glass, Inc. is considering the acquisition of a new piece of heavy machinery to replace an old, Calculate the net present value (NPV) of the new machine

Reviews

Write a Review

Auditing Questions & Answers

  Bank reconciliation-balances

You have received the bank statement for your company's account and need to reconcile it with your cash T-account. Your records show an ending balance for the month of $12,722.40 while the bank's records show an ending balance of $12,367.16.

  Prepare a memorandum discussing the issues involved

Prepare a memorandum discussing the issues involved and how the newly discovered issues should be addressed in finalizing the audit.

  1middot use what you have learned through chapter 7 of

1middot use what you have learned through chapter 7 of executive roadmap to fraud prevention and internal control text

  Identify procedures on the audit program

Probability-proportional-to-size method with your analysis from part (a) to evaluate your sample's results. The risk of incorrect acceptance is 5 percent.

  Discuss appropriate treatment of each proposed arrangement

Discuss the appropriate treatment of each proposed arrangement from the viewpoint of the auditor, who must apply GAAP in deciding whether the transaction will result in a liability.

  The city of jamestown has agreed to get a new city

the city of jamestown has agreed to get a new city maintenance building under a capital lease agreement. at the

  The auditor use to compensate for the deficiency

1.If an audit client does not have prenumbered checks, what type of misstatement has a greater chance of occurring?

  Risk associated with five accounts identified by john

Prepare a report for John that outlines - Your analysis and other information provided, to make an assessment of the risk associated with the five accounts identified by John and the reasons for that assessment.

  What is the level of assurance

Distinguish between compilation and review of financial statements. What is the level of assurance for each?

  Develop explanations for the increase in gross margin

Develop two alternative explanations for the increase in gross margin. Make one a fraud-related explanation and the other an error-related explanation.

  Recording journal entry for estimated warranty

Bombeck Company sells a product for $1,500. When the customer buys it, Bombeck provides a one-year warranty. Prepare a journal entry to record the estimated liability.

  How does the auditor evaluate the results of audit procedure

How does the auditor evaluate the results of audit procedures? What types of qualitative factors might the auditor consider when encountering an error?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd