Implementation of Public Law 104-8, District of Columbia Financial Responsibility and Management Assistance Authority Act of 1995: Hearings Before the Subcommittee on the District of Columbia of the Committee on Government Reform and Oversight, House of Representatives, One Hundred Fourth Congress, Second Session, March 19 and 28, 1996

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Стр. 202 - ... does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material to the financial statements may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.
Стр. 201 - Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance...
Стр. 201 - American Institute of Certified Public Accountants and OMB Bulletin No. 98-08, reportable conditions are matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions by management in the financial statements.
Стр. 201 - Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Стр. 201 - In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system...
Стр. 201 - The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's...
Стр. 201 - September 30, 1991, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure.
Стр. 202 - ... the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above.
Стр. 111 - I thank you for the opportunity to appear before you today and would be pleased to respond to any questions you may have at this time. [The prepared statement of Ms.
Стр. 202 - ... in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course...

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