DIS4, 6, 8 Essay Example | Topics and Well Written Essays - 1250 words

DIS4, 6, 8 - Essay ExampleBe prepared to discuss. From the first e-Activity, bankers bill that the GAO could not issue an opinion on the pecuniary statements of the US government. Evaluate how this could occur considering the requirements of OMB Circular A-123. What steps would you take to alleviate the inherent control problems? Differentiate between the requirements for internal controls in government agencies and those in public companies. As per the requirement of OMB Circular A-123, we can understand the changes took places created much vulnerability in financial reporting system. This emphasized more on the term on Internal Control from the term commission Control. This may exclude some(prenominal) facts which should have reported earlier with obligations. In new requirements Defines corporality for the purposes of prizeing and documenting internal control over financial reporting, this option can create loop for many important facts and figure than clearly presenting i t in the financial reporting. It has created ambiguity for three different processes, they are a) gage across the government, b) improper payments and c) tax collection activities. To alleviate the internal control, the expense item I would favor the bring in clear consideration withdrawing the category as reportable status. Clarification on gold outflow has to have precisely documented while audited and clearly noted to uplift the fairness of the internal control. There are differences between government agencies and public special(a) companies. As the objective of report is to assess the clarification being involved in direct transactions, whereas the agencies are the external parties to report have differences in revealing the accuracy asset management revelation. DISCUSSION 2 Expenditures Please respond to the following down the stairs pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and payment of go vernment employees from the last day of the month to the first day of the following month. In the year of the change, they thereby had one fewer period to pay. Determine how such a change would affect the reported using ups of a governmental parentage under GAAP. Provide specific examples to support your response. Evaluate the impact of GASB Interpretation No.6, cognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements on the accrual and payment of the salaries. This expenditure would be accrual for the immediate period of time and then next year upon payment the accrual payable would be reported. This report will be more accumulate big accrual agency there is irregularities of payments and the liabilities will move high showing lesser efficiency in the transaction handling. A government allowed accruing or additional fund liability and expenditure provided any financial resources or debt service for payment of liabilities that will be mature in following year. This indicates under GASB rule is that the time provided is limited and the term early in the following year refers to a short time period unremarkably one to several days and not more than one month. Liabilities for compensation and claims of salary are for the most part expected to be liquidated by the available financial sources. If delay it should recognize as governmental fund liabilities against mature payment for each financial period. Unmatured liabilities like compensated absent do not