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Financial Statement / Audit Report Review - Essay Example
Author : kingned
Finance & Accounting
Pages 3 (753 words)
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…
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. ...