We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Financial Statement / Audit Report Review - Essay Example

Free
It will also discuss basic financial statements, management decisions and analysis for state and local government to each of the funds. Thirdly, it will evaluate management’s discussion and analysis (MD&A) and its significances. It will also determine whether the entity’s financial position improved or deteriorated during the reporting period. Finally, it will speculate on the causes of the paper’s review of the financial statements. This article will look at the Mayor or Town Council local government in Virginia. A significant financial statement in the town council of Virginia is the CAFR. It refers to the Comprehensive Annual Financial Report (Hammock, 2009). It is presented in three key parts. The introductory segment contains a financial summary, discussion of a town’s economy, and organization plans for a town’s government. The financial segment includes the town auditor's report, management's discussion and analysis (Hammock, 2009). The statistical segment contains unaudited financial, economic trend, and demographic information for the town on multi-year grounds. Three funds present in the CAFR are: the general funds, proprietary funds, and the public enterprise funds. Accounting is carried out in two methods, cash accounting and accrual accounting. Cash accounting refers to a method of accounting in which receipts are recorded at the time they are established, and expenditures at the time they are paid. Accrual accounting is an accounting method that measures the position and performance

Check these samples - they also fit your topic

AUDIT
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Legal Requirements to have or not to have an External Audit .
6 pages (1500 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 (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
Environmental Management Audit Report
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.
16 pages (4000 words)Essay
Financial statement/audit report review
This is because the major priority of the financial statements produces it to report on near term inflows and outflows. The general fund exists among the county’s major fund and other government funds. The cash basis accounting chosen by the accounting team of the company is very convenient.
3 pages (750 words)Essay
Audit and financial statements
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.
9 pages (2250 words)Essay
Financial Statement report
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.
6 pages (1500 words)Essay
Audit framework
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.
6 pages (1500 words)Essay
Beginning the Audit Report
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
of a business by distinguishing economic procedures irrespective of when cash transactions happen. General funds are placed in cash accounting because they are essential to the success of a town (Hammock, 2009). Proprietary funds are also classified as general funds because recording of their receipts is done at the time of their transactions and during settling of its expenses. The public enterprise fund falls in the category of accrual accounting because it is controlled by settlers of the town. It also measures the position and performance of a business by distinguishing economic procedures irrespective of when cash transactions happen (Hammock, 2009). The GASB statement sets latest financial reporting requirements for state and local governments in the U.S. The GASB and MD&A are accountable for setting principles of state and local governmental and financial reporting and accounting. Researchers think that the effectiveness of the two will result in valuable information to those who use financial statements and guides, plus it will educate the public. This includes auditors, issuers, and users of those financial statements (Hammock, 2009). People can now enjoy an open decision-making procedure that supports extensive public contribution. The MD&A holds a company’s annual financial statement in which the company’s administration converses over several aspects of their firm, both present and past. The MD&A is an extremely vital segment of an annual report, mainly for those analyzing the essentials which include administration and administration style (Hammock, 2009). In a critic view, the MD&A should offer an easily readable and objective investigation of a government's financial procedures based on currently identified decisions, facts or conditions. It should embrace differences of the earlier year to the present year based on the government’s broad information. It should provide a breakdown of the government's general financial position
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Financial Statement / Audit Report Review Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/66580-financial-statement-audit-report-review
(Financial Statement / Audit Report Review Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.net/finance-accounting/66580-financial-statement-audit-report-review.
“Financial Statement / Audit Report Review Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/finance-accounting/66580-financial-statement-audit-report-review.
  • Cited: 0 times

Summary

Financial Statement/Audit Report Review Name: Institution: Introduction A financial statement refers to an official record of the financial activities of a company, entity or a person (Hammock, 2009). It is also referred to as a financial report or an audit report…
Financial Statement / Audit Report Review
Read TextPreview
Comments (0)
Click to create a comment
Let us find you another Essay on topic Financial Statement / Audit Report Review for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us