...Transmittal letters often accompany reports and inform readers of a report's context. Typically, the letter includes information not found in the report. For example, the letter contains information about the particular project and/or due dates. A Transmittal Letter is a business letter and should be formatted accordingly; that is, you should include the recipient's address, your address, a salutation and closing. Depending on the project, you may also need to include contact information. Always check with your instructor to determine whether or not you should attach a transmittal letter to your report. In Finance, a Letter of Transmittal is a document used by a security holder to accompany certificates surrendered in an exchange or other corporate action. A Letter of Transmittal may also be a distribution list with the recipients of a memo, report or contract. A transmittal letter accompanies a document and explains what the document is, why it should receive the reader's consideration, and what the reader should do with it. A transmittal or cover letter accompanies a larger item, usually a document. The transmittal letter provides the recipient with a specific context in which to place the larger document and simultaneously gives the sender a permanent record of having sent the material. Transmittal letters are usually brief. The first paragraph describes what is being sent and the purpose for sending it. A longer transmittal letter may summarize key elements...
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...Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements. 4.Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine a.Property taxes and how they are...
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...Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements. 4.Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine a.Property taxes and how they are...
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...introductory, financial, and statistical sections. 2. A) Their annual report for 2007 was awarded a “certificate of achievement for excellence in financial reporting by the Government Finance Officers Association. This certificate is awarded when the reports meet in the standards of accounting and reporting of the Government Finance Officers Association. B) The key issues addressed in the letter of transmittal are; -The overview of City’s government and economic condition and economic outlook. -Major initiatives; Waller creek Tunnel Project, Zero Waste Initiative Redevelopment of Green Water Treatment Plan & Austin Climate Protection Plan. -Others; Financial Policies, Internal Controls, Budgetary Control, Cash Management, Risk Management and Pensions. -Certificate of Achievement for Excellence in Financial Reporting. -Acknowledgements 3. A) Yes, the city received an unqualified audit opinion. B) Yes, the report contains management’s discussion and analysis. The key issues are: Financial Highlights, Overview of the Financial Statements, Financial Analysis of the Government-Wide Statements, Financial Analysis of the Government’s Fund Level Statements, and Other Information. C) The report does provide reconciliation between total governmental net assets per the government-wide statement of net assets and total governmental fund balances per the governmental fun balance sheet. The main reconciliation items are; capital assets that are capitalized on the government-wide...
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...Nonspendable fund balance includes amounts that are not in spendable form or are required to be maintained intact. Restricted fund balance includes amounts constrained to specific purposes by their providers, through constitutional provisions, or by enabling legislation. Committed fund balance includes amounts constrained to specific purposes determined by the highest decision-making authority of the government itself. Assigned fund balance includes amounts a government intends to use for a specific purpose. 4. Governments establish funds neither to account for specific functions nor to divide evenly their resources. Instead, they create funds mainly to promote control and accountability over restricted resources. The general fund of the city is probably larger than all of the special revenue funds combined because most of the city’s assets are unrestricted and the unrestricted assets can be aggregated in a single fund. 5. There are no capital projects reported...
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