Audit Presentation City of Hampton Solutions Character Virginia
- Slides: 10
Audit Presentation City of Hampton Solutions. Character. Virginia Depth. December 17, 2008 The Firm of Choice.
Overview v. Overview of Auditors’ Opinion v. Required communication of significant audit matters v. Questions
Auditors’ Opinion on the Financial Statements v. Unqualified Opinion v. Accounting principles generally accepted in the United States of America v. Material transactions and balances v. Compliance with laws and regulations material to the financial statements
Required Communications v. Our responsibility under generally accepted auditing standards: v. We assessed risk that the financial statements may contain a material misstatement, either intentional or unintentional v. We documented and considered internal controls to assist us with our audit approach, not for the purpose of providing assurance on those controls.
Required Communications v Our Responsibility under Government Auditing Standards (The Yellow Book) v. We reviewed and tested the City’s compliance with laws and regulations, noncompliance with which could have a material impact on the financial statements. v. We reviewed compliance with applicable laws and regulations identified in the Specifications for Audits of Counties, Cities and Towns issued by the Auditor of Public Accounts of the Commonwealth of Virginia
Required Communications v Our Responsibility under OMB A-133 v. We performed procedures in order to express an opinion on the City’s compliance with requirements applicable to major Federal programs. Our opinion was unqualified. v. We performed tests of controls to assess the City’s ability to detect material noncompliance with program requirements, not to express an opinion on controls.
Required Communications v. Independence v. In accordance with AICPA Rule 101, and the independence standards contained in Government Auditing Standards, we were, and continue to be, independent with respect to the City of Hampton. v. Accounting Policies v. No new significant policies adopted. v. No transactions that lacked authoritative consensus.
Required Communications v. Estimates v. These statements include estimates, including: v. Allowance for doubtful accounts v. Depreciation v. Value of infrastructure assets
Required Communications v. Significant Audit Adjustments v. All audit adjustments proposed by us have been reviewed and recorded by management on the books of the City. v. There were no misstatements that were not corrected.
Solutions. Audit Presentation City of Hampton Character. Virginia Depth. December 17, 2008 The Firm of Choice.
