ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 11, Problem 12C
To determine
Explain the factors that would affect the cost of the fee bid and the points that interest the audit firm in conducting the audit.
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The accountants for a city are attempting to determine the proper reporting for a new transaction so that the financial statements are in conformity with generally accepted accounting principles. No authoritative answer can be found. What should happen next?
The city will receive a qualified audit report on its financial statements.
The accountants can report the transaction in the way that they believe is best.
The accountants should study other nonauthoritative sources such as GASB Concepts Statements and the official standards produced by FASB.
The city will separate the transaction and report it separately in such a way as to draw attention to the method of reporting that was followed.
The Office of the Auditor General is mandated to conduct audits of all public institutions inJamaica. It has been observed that the same observations and recommendations are madeeach year in the Auditor General’s Reports concerning increased misuse and misapplicationof public funds.Following the establishment of new parish councils in some parishes around the countryfour years ago, there is concern that the trend of misuse and misapplication of public fundsmay be experienced in these newly established councils just like is the case with theexisting councils. The Ministry responsible for local government has decided thatconsultants should be engaged to hold workshops with the controlling officers of the newlyestablished councils on the importance of transparency and accountability in the use ofpublic funds and the importance of internal controls systems. You work for a consultancyfirm that has been engaged to run these workshops and all the new districts around thecountry. The lead…
The Office of the Auditor General is mandated to conduct audits of all public institutions inJamaica. It has been observed that the same observations and recommendations are madeeach year in the Auditor General’s Reports concerning increased misuse and misapplicationof public funds.Following the establishment of new parish councils in some parishes around the countryfour years ago, there is concern that the trend of misuse and misapplication of public fundsmay be experienced in these newly established councils just like is the case with theexisting councils. The Ministry responsible for local government has decided thatconsultants should be engaged to hold workshops with the controlling officers of the newlyestablished councils on the importance of transparency and accountability in the use ofpublic funds and the importance of internal controls systems. You work for a consultancyfirm that has been engaged to run these workshops and all the new districts around thecountry. The lead…
Chapter 11 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Background. Lake View Mental Health Affiliates, a...Ch. 11 - Prob. 12CCh. 11 - Prob. 14CCh. 11 - Custer County receives pass through funds from the...Ch. 11 - Prob. 16CCh. 11 - The city council members of Laurel City are...Ch. 11 - Prob. 19.1EPCh. 11 - Prob. 19.2EPCh. 11 - Prob. 19.3EPCh. 11 - Prob. 19.4EPCh. 11 - Prob. 19.5EPCh. 11 - Prob. 19.6EPCh. 11 - Prob. 19.7EPCh. 11 - Prob. 19.8EPCh. 11 - Dan Cole is the head of the countys Division of...Ch. 11 - Prob. 19.10EPCh. 11 - Prob. 19.11EPCh. 11 - Prob. 19.12EPCh. 11 - Prob. 19.13EPCh. 11 - Prob. 21EPCh. 11 - Prob. 22EPCh. 11 - Prob. 23EPCh. 11 - Prob. 24EPCh. 11 - Prob. 25EP
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