n IMFO : Official Journal of the Institute of Municipal Finance Officers - Improving financial statements quality prior to submission for audit
|Article Title||Improving financial statements quality prior to submission for audit|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Author||Chantelle Durand Fuchs and Alexi Colyvas|
|Publication Date||Summer 2013|
|Pages||10 - 11|
Although the finance team of a municipality is faced with a myriad of day-to-day responsibilities, one of the most important of these is probably the preparation of a sound set of annual financial statements (AFS) that fairly presents the financial performance, position and cash flows of the municipality for the financial year. However, unlike the numerous levels of technical review that might take place in a listed company, a municipality's limited technical accounting resources often result in the need to outsource the second level quality review of the financial statements to a competent independent accounting expert (consultant) prior to submission to the Auditor-General for audit.
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