Question :
Use word processor software to compute the audit report you believe could be appropriate for a certified public accountant to show the financial statements of the City of Smithville, consider that only generally accepted auditing standards (GAAS) promulgated by the AICPA apply to the City of Smithville. Describe the rationale for the nature of the audit report (qualified or unqualified) rendered.
Answers for City of Smithville project
General Fund Balance Sheet - Total Assets = 980,932
General Fund Statement of Revenues, Expenditures, etc. - Provide of Revenues over Expenditures = 93,789
General Fund Statement of Expenditures, Revenues etc. (2014) - Actual and Budget
Street Improvement - Fund Balance Sheet - 2014 (total assets = $410,395)
Street Improvement-Revenues and Expenditures 2014
(Expenditure>Revenue=1,589,605)
Computation of Legal Debt Margin - 2015
Debt Service - Fund Balance Sheet - 2015 (total assets = $575,795)
Debt Service - Revenues and Expenditures - 2015 (Increase in fund balance=547,795)
Debt Service - Revenues and Expenditures - 2015 - Budget and Actual
Solid Waste Disposal - Statement of Net Assets - 2014 (total assets = $2,566,030)
Solid Waste Disposal - Revenues and Expenses - 2014 (Operating income = $51,440)
Solid Waste Disposal - Statement of Cash Flows- 2014 (Increase in Cash =29,500)
Tax Agency Fund - Statement of Position- 2014 (total assets = $1,720,681)