Independent auditors'' report, Auditing

Assignment Help:

INDEPENDENT AUDITORS' REPORT

Board of Directors
Los Angeles County Fair Association
Pomona, California
We have audited the accompanying consolidated statements of financial position of the Los Angeles
County Fair Association (the Association) as of December 31, 2010 and 2009, and the related
consolidated statements of activities and net assets and cash flows for the years then ended. These
financial statements are the responsibility of the Association's management responsibility is to
express an opinion on these financial statements based on our audits. We did not audit the pari-mutuel
handle revenue, from which approximately five percent to seven percent of the Association's total
revenues are derived as of December 31, 2010 and 2009, respectively. That revenue was audited by other
auditors whose reports have been furnished to us and, in our opinion, insofar as it relates to the revenues
of the pari-mutuel handle, is based solely on the reports of the other auditors.
. Our
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of the Los Angeles County Fair Association as of December 31, 2010 and
2009, and the changes in its net assets and its cash flows for the years then ended, in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March 29,
2011, on our consideration of the Association's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.

 


Related Discussions:- Independent auditors'' report

Audit evidence, State four factors considered determining sufficiency of a...

State four factors considered determining sufficiency of audit evidence

Which represents the largest number of common shares, Q. Which of the follo...

Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares

External financial statement, As per the standard audit engagement letter s...

As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim

Reconcile the inventory - general ledger balance, The Tonka Manufacturing C...

The Tonka Manufacturing Company conducts its annual physical inventory at the end of the calendar year as a result of the auditor's assessment of non-operating internal controls in

Audit Plan for small service company, only needs to be 2 - 3 pages and I ne...

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

Need for an audit, The Need for an Audit If you take an example of a mode...

The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The

Liability to third parties, Liability to third parties For long time li...

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

Audit of the financial statements of e limited, An audit team is currently ...

An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran

Organization - work related health problems, Organization - Work Related He...

Organization - Work Related Health Problems There are various organizations both government and private which conduct researches on Biomedical and Ergonomics, Behavioral Scien

Write Your Message!

Captcha
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!

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