acct205db4 - <name removed to preserve anonymity>...

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<name removed to preserve anonymity> ACCT205 DB4 Fall, 2011 AIU Online The organization that will be discussed in this post is the City of Detroit. The Detroit City Council maintains a contracted position of External Auditor within its Fiscal Analysis Division, whereby it allows bidding on contracts to provide External Auditing by approved bidders. KPMG serves as the City of Detroit's External Auditor. As mandated by the City of Detroit's Office of the Auditor General's guidelines (Strategic Plan, 2001), part of and the largest portion of KPMG's job is to perform a Comprehensive Annual Financial Report Readiness (CAFR) Audit for City Agencies. This includes review of monthly bank reconciliations from the Agencies to ensure appropriate preparation, including review of reasonable uses, appropriate journaling of those items, and verification of those items on the bank reconciliation documents. In addition to the CAFR review of reconciliation documents, KPMG subsequently requests and reviews a schedule of intern payables and receivables on a monthly basis to determine if they balance or if they are out of balance requiring further audit (Strategic Plan, 2001). The following a detailed breakdown of the list of items that KPMG audits and
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This note was uploaded on 01/08/2012 for the course ACCOUNTING 205 taught by Professor Sunnyonyiri during the Summer '10 term at AIU Online.

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acct205db4 - &lt;name removed to preserve anonymity&gt;...

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