Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
INDEPENDENT AUDITORS' REPORT
Board of DirectorsLos Angeles County Fair AssociationPomona, CaliforniaWe have audited the accompanying consolidated statements of financial position of the Los AngelesCounty Fair Association (the Association) as of December 31, 2010 and 2009, and the relatedconsolidated statements of activities and net assets and cash flows for the years then ended. Thesefinancial statements are the responsibility of the Association's management responsibility is toexpress an opinion on these financial statements based on our audits. We did not audit the pari-mutuelhandle revenue, from which approximately five percent to seven percent of the Association's totalrevenues are derived as of December 31, 2010 and 2009, respectively. That revenue was audited by otherauditors whose reports have been furnished to us and, in our opinion, insofar as it relates to the revenuesof 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 ofAmerica. Those standards require that we plan and perform the audits to obtain reasonable assuranceabout 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 alsoincludes assessing the accounting principles used and significant estimates made by management, as wellas evaluating the overall financial statement presentation. We believe that our audits provide a reasonablebasis for our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of the Los Angeles County Fair Association as of December 31, 2010 and2009, and the changes in its net assets and its cash flows for the years then ended, in conformity withaccounting 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 itscompliance 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 financialreporting and compliance and the results of that testing, and not to provide an opinion on the internalcontrol over financial reporting or on compliance. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be read in conjunction with this report inconsidering the results of our audit.
Discontinued Operations - Audit of Accounting Estimates A discontinued operation is a component of an entity that either has been disposed of or is held for sale. So it might
Internal audit is an independent assessment function which is recognized by the management of an company for the review of its internal control system as a service to the company.
Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org
Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the
Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w
The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?
Charities and Non Governmental Organizations Key audit areas: Income: donations therefore are not easy to confirm good internal control is needed particularly o
Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd