The Government and Not-For-Profit Environment

There are four major financial statements that investors, creditors, accountants, CEO’s, and the like study when looking at the financial

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.

1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different.

14. In which paragraph of the standard audit report does the auditor communicate to the user that certain combining fund information in the financial statements is not part of the basic financial statements, but that such information has been subjected to auditing procedures and, in his or her opinion, is fairly presented in all material respects in relation to the basic financial statements?

What are each of the financial statements commonly called in for-profit health care organizations and in not for-profit care organizations?

when explaining a 501(c)(3), however both include a company mindset that aims to help a

6. Governmental accounting and reporting with direct impact on entities ability to collect financial information accurately,

"The United States (US) has the unique record of having the largest sector of Non-Profit Organizations (NPO) in the world, comprising of over one million NPOs" (Yallapragada, Roe, & Toma 2010).The purpose of this paper is to gather, analyze, and formulate data in order to understand, evaluate, and make a conscious decision. Today, as it stands the world is only growing more and more technologically involved in every aspect of everyday life. Children as young two or three years of age have the capability to open and close, manipulate, and surf the web through any given technological median (Desktops, Laptops, Tablets, and Smartphones). Given that fact, it would only be fitting that K-12 education take a turn towards the technological emersion. It is in this area where the unsaid organization 's true brilliance comes to shine.

b. What financial statements are commonly prepared for external reporting purposes? What titles does General Mills give these

A not-for-profit organization responsible for the provision of leisure services would be Boys & Girls Club. This is an organization that truly holds up the values of being a not-for-profit organization. Their mission is "To enable all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens" (Boys & Girls Clubs of America, 2013). With a mission such as this it is obvious that this is an organization that is about the youth and enabling them to grow as individuals.

(a) Whether the cost is of a type generally recognized as ordinary and necessary for the operation of the non- Federal entity or the proper and efficient performance of the Federal

c.) They are required by the SEC to do financial statements quarterly. These quarterly reports

3. What potential implications arise for the accounting firm if they issue an unqualified report without the going-concern explanatory paragraph?

General purpose financial statements provides information on the financial position of an entity. Thus it includes information on economic resources and claims against them.

Ÿ The information should always give a complete picture of the state of the company whether the information is good or bad. Financial accounting is concerned with reporting information to external and internal users of financial statements. External users are people not involved with the day-to-day running of the company. Internal users are people who are involved.