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 procedures, Explain appropriate audit procedures you would apply in v...

Explain appropriate audit procedures you would apply in verification of cheque payments.

Materiality, how to calculate materiality given the acoountin period inform...

how to calculate materiality given the acoountin period information

Historic costs methods - long term contracts, Historic Costs Methods - Long...

Historic Costs Methods - Long Term Contracts You will notice such this exercise is completely dependent on the company estimating its further costs.  This is wherever the audi

Steps to preparing the audit, With reference to the case study business, pl...

With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra

Petty cash, postage stamps 220 currency and coins 1156.60 how much petty ca...

postage stamps 220 currency and coins 1156.60 how much petty cash fund shall be shown as part of cash balance

Techniques used during an audit?, What techniques used during an audit? ...

What techniques used during an audit? Ans)  ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr

A test for unrecorded liabilities, should your test for unrecorded liabilit...

should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge

Measures taken by the individual auditor, Measures To Be Taken By the Indiv...

Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;

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