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DIS4, 6, 8 - Essay Example

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Be prepared to discuss. From the first e-Activity, note that the GAO could not issue an opinion on the financial statements of the US government. Evaluate how this could occur considering the requirements of OMB Circular A-123. What steps would you take to alleviate the internal control problems? Differentiate between the requirements for internal controls in government agencies and those in public companies.    As per the requirement of OMB Circular A-123, we can understand the changes took places created much vulnerability in financial reporting system. This emphasized more on the term on “Internal Control” from the term “Management Control”. This may exclude many facts which should have reported earlier with obligations. In new requirements “Defines materiality for the purposes of assessing and documenting internal control over financial reporting”, this option can create loop for many important facts and figure than clearly presenting it in the financial reporting. It has created ambiguity for three different processes, they are: a) security across the government, b) improper payments and c) tax collection activities. To alleviate the internal control, the expense item I would prefer the bring in clear consideration withdrawing the category as reportable status. Clarification on money outflow has to have precisely documented while audited and clearly noted to uplift the fairness of the internal control. There are differences between government agencies and public limited companies. As the objective of report is to assess the clarification being involved in direct transactions, whereas the agencies are the external parties to report have differences in revealing the accuracy asset management revelation. DISCUSSION 2: "Expenditures" Please respond to the following: Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and salary of government employees from the last day of the month to the first day of the following month. In the year of the change, they thereby had one fewer period to pay.  Determine how such a change would affect the reported expenditures of a governmental fund under GAAP. Provide specific examples to support your response. Evaluate the impact of GASB Interpretation No.6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements on the accrual and payment of the salaries. This expenditure would be accrual for the immediate period of time and then next year upon payment the accrual payable would be reported. This report will be more accumulate big accrual means there is irregularities of payments and the liabilities will move high showing lesser efficiency in the transaction handling. A government allowed accruing or additional fund liability and expenditure provided any financial resources or debt services for payment of liabilities that will be mature in following year. This indicates under GASB rule is that the time provided is limited and the term early in the following year refers to a short time period –usually one to several days and not more than one month. Liabilities for compensation and claims of salary are generally expected to be liquidated by the available financial sources. If delay it should recognize as governmental fund liabilities against mature payment for each financial period. Unmatured liabilities like compensated absent do not ...Show more


DISCUSSION 1: "Government Financial Statements" Please respond to the following: Go to the White House’s Website to read the article titled “OMB Circular A-123—Management’s Responsibility for Internal Control,” dated December 21, 2004, located at…
Author : wbartoletti
DIS4, 6, 8 essay example
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