Chapter+11+HW+Solutions+to+Cases

Chapter+11+HW+Solutions+to+Cases - Solutions to Cases 11-1....

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Solutions to Cases 11-1. a. Students can find a list of the 24 federal agencies required to produce audited annual financial reports in the appendix to the Annual Financial Report of the U.S. Government. The GAO provides an opinion in an audit report for each of these agencies. Students will notice that these reports are much longer than those typically prepared for businesses. For the five major agencies that did not receive an unqualified audit report in FY 2007, one received a qualified opinion, and the Departments of Defense, Homeland Security, State, and National Aeronautics and Space Administration received a “disclaimer of opinion” in part because the GAO was unable to determine the reliability of significant portions of the financial statements due to material weaknesses in the financial systems. b . Agencies began to report comparative information showing prior years so students will be able to identify those line-items that are significantly different from the prior year and comment on the reasons for overall changes in net position. c. Agencies will be at different stages of progress in preparing a consolidated performance accountability report (PAR) depending on the year of the statements the student has chosen. After 2008, the PAR should include the annual performance report (APR) required under the Government Performance and Results Act, annual financial statements, management reports on internal control and other
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Chapter+11+HW+Solutions+to+Cases - Solutions to Cases 11-1....

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