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

Over head, project report on absorption of overhead and its different meth...

project report on absorption of overhead and its different method

Auditors procedures - audit process, Auditors Procedures - Audit Process ...

Auditors Procedures - Audit Process The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever inclu

Share capital - audit process, Share Capital - Audit Process Share cap...

Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm

Furniture, Furniture, Fixtures and Disposal of Non-Current Assets Fur...

Furniture, Fixtures and Disposal of Non-Current Assets Furniture, fixtures and fittings The only matter here to note is the depreciation of fittings and fixtures.  Since

Auditor''s procedures - going concern, Auditor's Procedures - Going Concern...

Auditor's Procedures - Going Concern In forming a thought on the going to relate position of a company, the auditors have to: a) Examine the company, its plans for the futu

Group auditing and holding campnies, what a group auditing and holding camp...

what a group auditing and holding campanies in details with exmple propurly

Related party transactions, Related Party Transactions Related party t...

Related Party Transactions Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged. A party is rel

The existence of the auditing profession, Auditing appears to be a worse of...

Auditing appears to be a worse of time considering financial fraud cases in Zimbabwe and world over. Justify the existence of the audit profession and what to be done to improve it

Judgmental sampling, Judgmental Sampling Judgment sampling is where th...

Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi

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