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I need answers in much details There are several questions for each link. ( there are two links total) A. Link: http://www.fallschurchva.gov/ArchiveCenter/ViewFile/Item/1016 B. http://990s.foundationcenter.org/990pf_pdf_archive/341/341920968/341920968_200112_990PF.pdf?_ga=1.71668944.251425882.14663849 03
I need answers in much details There are several questions for each link. ( there are two links total)
A. Link: http://www.fallschurchva.gov/ArchiveCenter/ViewFile/Item/1016 B. http://990s.foundationcenter.org/990pf_pdf_archive/341/341920968/341920968_200112_990PF.pdf?_ga=1.71668944.251425882.14663849 03 A 1. City of Falls Church Auditors: Dan Sze, Phil Duncan, Karen Oliver, Marybeth Connelly Nader Baroukh 2. A deficiency relating to the audit of City of Fall financial statements involved internal control over financial reporting and on compliance and other matters. The audit dealt only with a potential risk, and was due to the small size of the Falls Church finance office, having nothing to do with any suspicions. The problem might be a long-standing issue that has been identified and watched carefully for many years and is due to the limitations of staffing. 3. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. 4. The government-wide financial statements will help users to assess the finances of the government in its entirety, including the year's operating results, establish whether the government's overall financial position improved or deteriorated. For instance, the City's total net position on a government-wide basis was $73 million at June 30, 2015, Evaluate whether the government's current-year revenues were sufficient to pay for current year services. For example, for the financial year 2015, taxes and other revenues of the City's governmental activities amounted to $78.3 million while expenses and transfers amounted to $75.9 million. This led to an increase in net position for the City's governmental activities of $2.4 million. This indicates that the organization has sufficient finances to pay for its current year responsibilities. In addition, it helps to ensure that the cost of providing services to its citizenries such as how the government finances its programs through user fees and other program revenues versus general tax revenues. Understand the extent to which the government has invested in capital assets, including roads, bridges, and other infrastructure assets. Make better comparisons between governments. 5. The Balance Sheet The governmental funds balance sheet presents first a government's assets, resources it controls that enable it to provide services where the City has total assets of $150 million. These assets comprise of $76 million current assets such as nature cash, short-term investments, and shortterm receivables and $74 million of capital assets. However, some assets that are not current or not financial may still creep in. For instance, the governmental funds may contain long-term receivables related to loans made from one fund to another. The City has a balance of $84 million, this is the balance between assets on the one hand and liabilities and fund balances on the other. The fund balance is the difference between assets and liabilities in essence, what would be left over if the assets were used to satisfy the liabilities. The Statement of Revenues, Expenditures, and Changes in Fund Balances The statement of revenues, expenditures, and changes in fund balances is the governmental funds' income statement indicating the flow of resources in and out. The governmental activities were $78.3 million for the fiscal year 2015. It will contain the major funds as the balance sheet. The city of Fall Church Revenues is shown to be City's same received from various taxes, fees and charges, intergovernmental aid, and so on. 6. Government-wide financial statements This consists of a statement of net assets and a statement of activities. Prepared using the economic resources measurement focus and the accrual basis of accounting, these statements should report all of the assets, liabilities, revenues, expenses, and gains and losses of the government. Each statement should distinguish between the governmental and business-type activities of the primary government and between the total primary government and its discretely presented component units by reporting each in separate columns. Fiduciary activities, whose resources are not available to finance the government's programs, should be excluded from the government-wide statements. Fund financial statements This on the other hand consist of a series of statements that focus on information about the government's major governmental and enterprise funds, including its blended component units. Fund financial statements also should report information about a government's fiduciary funds and component units that are fiduciary in nature. B 1. List of financial statements Return of Private Foundation Statements regarding activities The income statements Analysis of Changes in Net Assets or Fund Balances 2. In my opinion, the internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies, and therefore, material weaknesses or significant deficiencies may exist that were not identified. As a result of these limitations, the auditors could not identify any deficiencies in internal control that could be considered as material. The FYE date was 12/31/01 and was signed by William Leight. In addition, the major sources of financing were taxes, contribution, grants and loans while the major functional expenses include labor expenses. References City Of Falls Church (2015). Comprehensive Annual Financial Report. Retrieved from: http://www.fallschurchva.gov/ArchiveCenter/ViewFile/Item/1016 The city of Falls Church, (20150. Form 990. Retrieved from: http://990s.foundationcenter.org/990pf_pdf_archive/341/341920968/341920968_200112 _990PF.pdf?ga=1.71668944.251425882.14663849Step by Step Solution
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