Financial statement/audit report review - Essay Example

Only on StudentShare

Extract of sample
Financial statement/audit report review

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). ...Show more

Summary

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…
Author : mosciskielliot
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial statement/audit report review"
with a personal 20% discount.
Grab the best paper

Related Essays

Auditing - report on the audit of Perfect Pies Lmt
Perfect Pies Limited generates its turnover through selling its product under its own brand name and also by supplying to a giant and renowned super market chain. The financial outlook of the company is stable and it turnover, as compared to the previous financial year has increased by 8.37%, boosting the gross profit and net profit by 3.42% and 1% respectively.
7 pages (1750 words) Essay
Audit report III part: Apollo Shoes
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).
4 pages (1000 words) Essay
Financial Statement / Audit Report Review
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.
3 pages (750 words) Essay
Financial Statement/Audit Report Review (1)
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.
3 pages (750 words) Essay
The purpose and usefulness of standard audit report
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.
8 pages (2000 words) Essay
Audit
Inherent risk This is the likelihood of material misstatement of a claim before taking into consideration the client’s internal control. Factors that influence this arise from the nature of the consumers and its environment, or from the accounts nature.
8 pages (2000 words) Case Study
Accounting graded unit 2
The case presents an alternative choice in this regard and relevant cost that will be incurred. In the development stage, the feasibility of the new product in terms of production and profitability will be assessed and alongside pertinent budgets will be prepared. The
12 pages (3000 words) Coursework
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT