Financial Statement/Audit Report Review (1)

Financial Statement/Audit Report Review (1) Essay example
Undergraduate
Essay
Finance & Accounting
Pages 3 (753 words)
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Harris County Texas Student’s Name Professor’s Name Finance and Accounting Date The Harris County Government’s sources of income can be summarized into three namely: - Charges from services offered, Operating grants and Capital grants and contributions…

Introduction

The county government adheres to government regulations and has since and that has enabled them to a couple of accounting awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended February 28, 2010. It therefore attests to the high levels of accounting standards that they adhere to. The auditing was done by an independent auditing farm namely Deloitte and Touche, which is actually one of the requirements by the federal government. GASB statement 34 has been applied and complied with; this is very evident from the report. The report captures among other things the increase in asset value of government investments in the county. It also gives a clear estimate as o weather the current estimates and available balances are sufficient for the delivery of current services to the citizenry. The report gives various other additional information’s that are equally important to the citizenry; these are some of the guidelines contained in GASB statement 34. Some of the decisions made by the management board that torch on the finances of the county have also been included. State and local government analysis reports of each of the funds also feature strongly in the report. ...
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