"The Comprehensive Annual Financial Report
informs parents and other stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community."
reflect the company management's performance and there always will be a basic incentive for management to report favorable results.
Audits of financial reports
are better because of improved auditing standards and processes; increased awareness, commitment, and competence of auditors and audit committees; more risk-focused audits; greater auditor independence; and improved quality review and auditor oversight, the respondents noted.
For all annual financial reports
produced after June 15, 2004, management is required to include an assessment of internal controls and procedures for producing financial reporting information.
These PEAs are followed by detailed financial reports
that often generate little stock-market reaction.
The result is that key management can sign the financial statements knowing that they are in compliance as stated in the financial reports
, i.e., all business processes are documented, communicated and secure; financial reports
are free from material misstatements and fraud; and internal controls are in place and operating as designed to ensure these claims.
"XBRL benefits the entire business reporting value chain, including the companies that prepare financial reports
, as well as the capital markets and investors who rely on and use this information.
"XBRL is being embedded in information systems and financial reports
and will satisfy small and large business reporting needs," says Melancon.
In turn, customers can realize more time for strategic analysis by automating routine workflows, reduced audit fees from auto-generated evidence binders and increased accuracy of financial reports
Unless otherwise specified, pronouncements of the GASB apply to financial reports
of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities.