This is because it allows for real time recording of transactions and that means that it will be easy to keep a check of the financial data of the county (Stephen, 2012). The county uses the same cash basis accounting method for the proprietary and fiduciary funds. The proprietary funds consist of the enterprise and internal service funds. The enterprise funds account for external customers and contains government wide financial statements. The internal service funds report on the activities that provides funding to other services. The cash basis accounting methods fit the use in this case because heavy real-time processing is needed. However, the county handles a lot of transactions and there much data to be processed, therefore the accrual accounting method would have been appropriate for Enterprise accounting. The MIAMI-DADE County employs numerous application and total compliance to the GASB statement 34. The statement was designed so as to allow easy financial reporting and understanding to external parties. The MIAMI DADE County introduces the basic financial statement through the management and the discussion analysis which is in compliance with the statement (Parsons, Cambridge Systematics & National Cooperative Highway Research Program, 2008). There is a provision of a financial highlight for the fiscal year right below the MD&A which contains the net assets and the statement of activities on the government transactions on cash basis technique. The MD&A provides a clear comparison of the last fiscal year and the present. The data clearly indicate the improved performance of the county’s finance with the figures well stated. This is in accordance with the GASB statement 34 requirements and provisions. The government wide transactions the financial statement are clearly distinguished with the government and business type transactions separated (Stephen, 2012). This has made the statement easier to read and understand for any interested parties. All the accounting data follow after the summary of the financial statement. It is evident that the MIAMI-DADE County understands the importance of what the GASB statement 34 requires. The total compliance with this statement has made the financial reports easier to read and understand and that satisfies the aim of the statement. The management’s discussion and analysis included in this financial report as part of GASB statement 34 requirement is spectacular. The MD&A provides significant information such as the $66 million in the rested balance inquiries and the beginning restated net assets valued at $2million. These figures help clarify the financial statement by providing a wild description of what one should expect on the rest of the financial report (Parsons, Cambridge Systematics & National Cooperative Highway Research Program, 2008). The MD&A also provides a detailed financial highlights. The highlights are chronological and in text and figures. The highlight mode of presentation makes it easy to understand what is being communicated. Some of the important information included in the stamen includes the net assets, the long term liabilities, the general fund and the government fund. The report provides the increase and decrease in fixed assets in a monthly period. The inclusion of the investment of this asset and resultant net debt show the increased volume of their operations that led to a large unrestricted net asset deficit. The net increase of
The Miami-Dade County Comprehensive Annual Financial Report review Name Institution The Miami-Dade County Comprehensive Annual Financial Report review General funds in the MIAMI-DADE County are those of the government. The MIAMI-DADE County employs a cash basis accounting method for the general funds analysis…
During the planning, the audit team will inform the Apollo Shoes of the audit, hold formal discussions on the objectives and scope with the management, gathers information on important processes, and evaluates existing internal control system and information on important processes gathered (Choi & Jeter, 1992).
This paper will review a financial statement of a local government in Virginia and analyze the method of accounting used for the funds. It will evaluate the use of the method of accounting for the funds as required by GASB, and assess the application and compliance of GASB statement number 34.
The accounting methods used for the government funds in the Harris county financial report is the accrual method. This is the main method of accounting used on all funds this is mainly because most of the expenditures and transactions are done over a given period of time and no definite dates can be quoted as would be the case in cash method.
Subsequent presentation of the audit report to the user acts as an assurance service for the user to make decisions based on the audit results. Auditor report is the essential tool in financial reporting. Many third-party users require financial information certification by independent external auditor in order to attract investors.
This report examines an environmental audit of my construction company's current project headquarters in Doha, Qatar. The scope discusses the fundamental activities that were conducted.This report examines an environmental audit of my construction company's current project headquarters in Doha, Qatar.
Nevertheless some of the means of achieving their respective objectives are often similar and thus certain of the work of internal auditor may be useful in determining the nature, timing and extent of external audit procedures. Therefore, their roles and objectives are different but complementary.
Therefore, after identifying the potential users of statements, it assesses the qualities essential for financial statements reporting and evaluates the importance of financial statements formats and technology in the process of accounting and financial reporting.
the scope of the external audit is determine is to implement generally accepted auditing standards. The auditing standards pertain to the standard of field work, general standards, and standards of reporting. Financial reviews are not accepted as part of the financial statements.
pared and planned so that the Apollo Shoes staff and our audit staff members involved are well prepared to perform the audits from the outset (Puncel 2008).
Our rationale shall be based on meeting the overall objective of our audit, which is to present an opinion on whether the
5 pages (1250 words)Essay
Hire a pro to write a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you another Essay on topic Financial statement/audit report review for FREE!