Auditing & Insurance services - Essay Example

(c) As may also be noted from the Annual Reports for the year ended 30 June, 2009, the financial data was available in the form of Standard Statements, which effectively compare the Council’s budget against its actual performance, which provides ample scope for assessing how accounting practices are improving the efficacy of performance of the Council. (d) On the basis of its annual report for 2009, it may also be seen that the Council appears to be in a good financial position, because it is breaking even and shows revenues over and above budgeted amounts, which is noteworthy in a recessionary period where many public sector organizations all over the world have faced a strain on their resources and gone over their budgets.

The impact of the recent recession is one of the important aspects to be studied in this report and this ability of the Council to balance the budget offers good scope for study. (e) There are an adequate number of related aspects, such as the incorporation of significant diversity into the council and operates a range of facilities which the citizens rate as satisfactory, all of which are funded through the Council budget, therefore the study of the financial management aspects is likely to be very helpful.

An examination of the financial statements of the Council in order to ensure that they are presented fairly in terms of all material aspects and in accordance with generally accepted Australian Accounting Standards. The fees proposed to be charged for this service will be $60,000. The Council would like to have a second review of their internal audit in order to arrive at a comparative estimate. They do not currently employ an external auditor, but carry out a process of internal audit. We are suitably employed in their place to carry out an additional review audit.

The client is a public sector enterprise that has