Comprehensive Annual Financial Report: Talbot County

For the final project in ACC380 Accounting for Not-For-Profit, we were asked to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets along with a Statement of Changes in Net Assets for Lee College which is a private not-for-profit college. In addition to the financial statements, we were also asked to explain the process that was used to prepare the financial statements and to offer an in-depth analysis of the financial health of Lee College.

The requirements of the applicable financial reporting framework relevant to accounting estimates, including related disclosures

“Access to good financial information is essential to success in the policy and financial management arenas” (Bartle, Hildreth, Marlowe. P. 222). Proper accounting is the cornerstone to working towards a balanced budget. The CAFR (comprehensive annual financial report)

In 2015, the Legislative Joint Auditing Committee audited Hector School District. In the Summary of Auditor’s Results and Financial Statement Findings, the auditors did indicate a material weakness in internal control. Here, the specific requirement noted that management is where the responsibility falls for implementing sound accounting policies and maintaining internal control over financial procedures that are consistent with their own assertions found in the financial statements. The stated condition for this material weakness was that the district failed to segregate financial duties among qualified employees. Instead, one sole employee was in charge of all of the financial accounting duties. Thus, the school

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

The auditor’s report is a major source of information that officially evaluations an entity's financial status. In conjunction with the auditor’s official evaluation of the entity’s financial status, the auditor provides an assessment of the firm’s monetary position and future. Auditors can provide four types of reports: unqualified opinion, qualified opinion, adverse opinion, and a disclaimer of an opinion. An unqualified opinion (clean report) which is issued in most cases expresses the opinion that financial statements are presented in accordance with general accepted accounting principles and is void of misrepresentations. The unqualified

In the second half of this paper, I will analyze is the State of California’s Financial Report. The government is not a nonprofit, although they are quite similar; therefore, the government’s financial report will be evaluated using different methods and from different perspectives. To get a broad overview of this government, first, the financial position and economic condition of the State of California will be evaluated. Then, things with more depth, such as budget planning, funds, and infrastructure, will be discussed.

A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the

The comprehensive annual financial report (CAFR) that I have used to develop important financial and budget data that are unique is the Elizabeth School District. Once initial impressions and tentative conclusions are gathered from the CAFR and districts website for period ending June 30, 2013, I will give an overview of budget and financial issues by comparing and contrasting the differences found based on the initial review and after the interview with the business administrator. Additionally provide new information found after the interview that was not included in the CAFR. Next, I will emphasize on important topics to better understand the context of the district’s budget and financials. Last part of the components will emphasize

Consolidated financial statements are the statements gives a combination of the accounts of a business and all the subsidiaries during a financial period.

In a financial audit, the Auditor General is looking directly at the transactions and financial statements of the entity in search that the financial statements have been presented fairly with full disclosure and that they have met legislative authorities. With more than ninety-five audits performed on different government departments, Crown corporations and governments of the Yukon, Nunavut and Northwest territories, these financial statements are a great source in deciding whether or not these entities have been spending public funds appropriately. The Auditor General will come to a decision about whether or not the transactions have followed laws and will bring to the attention of Parliament anything believed to be of importance.

The audit was conducted in accordance with the U.S. generally accepted auditing standards (GAAS), and was performed to obtain reasonable assurance that the statements are free from material misstatement (City and County of Denver, 2017b). It is BKP’s opinion that the financial statements listed above were presented fairly in accordance with GAAP. They also reviewed the required supplementary information provided, however were unable to express an opinion as limited procedures could not deliver sufficient evidence. It was noted that BKM had completed audits of the city’s 2014 and 2015 financial reports, and expressed the same/unmodified opinion (City and County of Denver, 2017b).

The audit committee’s responsibility was to look over the accounting and financial reporting process as well as the financial statement audits; appoint, compensate and oversee the external auditor; and to ensure that the company has a whistleblower program. (p. 52) At first glance the committee could notice that something was not right with the company’s financial records. But nothing was done and nothing was said.

Financial reporting is a report which is reflects the financial position of the enterprise and operating results. It is including the balance sheet, income statement, cash flow and statement of stockholder’s equity. (Averkump, n.d.) The financial reporting uses by the external factors like investors, creditors and so on. The purpose of financial reporting is evaluating and predicting the result which is about the financial status, ability to repay, operating results and earnings of the company. It can help the external users to make better decisions. So the general financial reporting should use the statement of accounting concepts and accounting standards. It is more comfortable for the reader to read it. Reporting entities are all entities in respect of which it is reasonable to expect the existence of user dependent upon general purpose financial

The nature of an organisation determines the different financial statements required to be completed annually. This report will analyse three contrasting types of entities, in addition to the differences in the annual reports produced.