Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley

Exercise 1

Using the annual financial report obtained for Exercise 1-1, answer the following questions:
a. Examine the auditor's report. Is the auditor identified as an independent CPA firm A state audit agency Other Is the wording of the auditor's report the same as illustrated in this chapter Does the scope paragraph indicate exactly what is covered by the auditor's opinion If the auditor is expressing an opinion only on the basic financial statements, what responsibility is taken for the combining and individual fund statements Is the opinion unmodified If not, what are the qualifications
b. Does the annual financial report contain a single audit section If not, does the report refer to the existence of a single audit report If so, does the report include a Schedule of Federal (and State) Financial Assistance Are all of the reports illustrated in this chapter included Can you identify the major programs, if any