Comprehensive Annual Financial Report: Talbot County

This memo is to serve as description of how the economy can impact projections related to revenues and expenditures in regards to the city budget. Several examples will be provided including explanations on why these items can have a tumultuous effect on the city budget. These examples include the effect property taxes and income taxes had on our fiscal stability as well as how even with proper accounting and financial reporting, the budget still fell victim to the economy.

The qualified opinion report is similar in arrangement to the unqualified report with an additional paragraph dictating the reason the audit report is not unqualified. The third report although rare is an adverse opinion. An adverse opinion report is required when in the auditor’s opinion the financial statements as a whole do not conform to GAAP and are grossly misrepresented. The fourth and final report is a disclaimer of opinion. A disclaimer report is issued when the auditor is unable to gather sufficient information pertaining to the financial reports that an opinion cannot be determined. The auditor’s report has a direct impact on a company’s ability to obtain financing from a bank as the report lowers the cost of capital. The audit report also provides commercial value, meaning it’s an assurance the financial data is true and correct. The independent auditor for Verizon indicates an unqualified opinion in that Verizon’s

Read the auditor’s report included in the annual report of the company and explain its purpose. Identify the name of the auditing firm.

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).

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.

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.

Evaluating the Reasonableness of the Accounting Estimates, and Determining Misstatements: the auditor shall evaluate, based on the audit evidence, whether the accounting estimates in the financial statements are either

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.

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

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 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).

During the performance of this integrated audit, require numerous judgments about the internal control and overall financial reporting and how well it addresses risks of material misstatements within the financial statements (AICPA, 2014). After re-evaluating the previous errors found from the previous audit, the audit team found the corrective actions to be appropriate and justified in elimination of human error by implementing additional checks and balances within the manual process. No additional misstatements have been found and all internal controls off the financial reporting seem appropriate and just.

The case study General Mills Inc. - Understanding Financial Statements focuses on the most basic idea of finance analysis. This case is a brief look into the language that is used in the finance world and a start to interaction with auditors. In this case, KPMG LLP, the public accounting firm that was auditing their statements, had sent two opinion letters. The first letter was ensuring that both parties were aware that General Mills had internal control over financial reporting. The second opinion letter stated that to auditor’s knowledge, General Mills had correctly reported its financial statements. The statements given in this case study are known as the four general financial statements. Displayed in the case are the

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