0
Of what statements does a federal financial report consist?
EncofBizandFinance
statements in the federal financial report include a (1) balance sheet, (2) statement of net cost, (3) statement of changes in net position, (4) statement of budgetary resources, (5) statement of financing
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is compilation of financial statements?
An annual report
What is a qualified audit report?
An audit report is a certification that financial statements are prepared according accepted accounting standards. In case auditors disagree with any issue and state their opinion of the issue in the audit report it is called qualified audit report.
What is an external auditors report?
external auditors focus primarily on controls that affect financial reporting. External auditors have a responsibility to report internal control weaknesses (as well as reportable conditions about internal control)
Does the full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory?
The full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory.
Does a listed company on stock exchange have to report financial statements to the IRS?
Yes.
What is auditer report?
An audit report is an opinion that is written by an auditor to show if the financial statements are correct. The auditor will indicate if they state the true financial position of the company.
What has the author Gerald I White written?
Gerald I. White has written: 'AIMR annual report supplement to accompany The analysis and use of financial statements' -- subject(s): Financial statements
Why is is difficult to get KFC financial report or financial statements?
Because they are owned by Yum! Brands, and so the financial statements will usually be under that company as a whole. It is hard to find the individual reports from brands that are owned by bigger companies.
Why do public companies publish annual reports?
A company that is publicly owned is required to issue an annual report to stockholders. The annual report includes a wide variety of financial information and a discussion and analysis of operations by management. Many of the financial disclosures found in an annual report are required by regulatory bodies such as the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). A typical annual report will contain sections on financial statements, letter to shareholders, footnotes to the financial statements, and an auditor's report.
How does a review differ from an audit particularly in terms of the level of assurance implied by the auditor's report?
An audit of historical financial statements is a form of attestation service in which the auditor issue a written report expressing an opinion about whether the financial statements are in material conformity with generally accepted accounting principles. When presenting information in the form of financial statements, the client makes various assertions about its financial condition and results of operations. External users who rely on those financial statements to make business decisions look the auditor's report as an indication of the statements' reliability. They value the auditor's assurance because of the auditor's independence from the client and knowledge of financial statement reporting matters. A review of historical financial statements is another type of attestation service performed by CPAs. Whereas audit provides a high level of assurance, a review service provides a moderate amount of assurance on the financial statements, and less evidence is necessary to support this level of assurance.
What do auditors do?
An auditor specialises in examining and verifying a set of financial statements by reference to evidence (physical, oral, documentary, etc). When he/she are satisfied that the financial statements are true and fair, the auditor will issue a clean auditors' report; on the other hand, if the financial statements or the company are detected to show problems (e.g. show signs of fraudulent activity), the auditor's report will also make this clear.
What accounting firm audits barnes and nobles' financial statements?
As of their most recent annual report (2011), the financial statements of Barnes & Noble, Inc. were audited by the accounting firm BDO USA, LLP
