I am auditing a municipal board of education. What should the financial statements look like?
This is a very complex situation and as a result an official memorandum was emailed to all parties known to be impacted. This memo was subsequently revised on October 18, 2005 and again on October 27, 2006. Please click here to see a copy of the revised memo. • I am preparing separate fund financial statements which will be audited separately from our primary government. Which financial statements are required to be presented? Additionally, are we required to prepare Management’s Discussion and Analysis (MD&A)?(NOTE: This question does not address reporting for departments and component units, including any Board of Education). Click here to see related memo The financial statements would only include the fund financial statements described in GASB Statement 34 (AICPA Audit and Accounting Guide: State and Local Governments, Section 14.63 through 14.66). MD&A should be included as required supplementary information (RSI) for such audits in accordance with AICPA Audit and Accounting Guid
