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Financial Statement / Audit Report Review - Research Paper Example

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The financial statements provided by the management of Frederick County were audited by an independent auditing firm with the help of the internal control system of the county. There appears to lack an internal audit function within the entity
The financial statements provided…
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Financial Statement / Audit Report Review
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Download file to see previous pages Frederick County is found in central Maryland and has approximately 240,911 people. The county has such a diverse economy, and this explains the high rate of development and business growth. Some of the characteristics that describe the county include a central location, an upscale business, employment parks, business-friendly programs, availability of good infrastructure as well as a highly skilled and educated labor force.
Besides, there is a chance for growth and thus attracting businesses to locate and expand in the county. The county is located in a region where the business community is considered diverse. In that regard, the local unemployment rate decreased to 5.4percent from 6.8% between 2009 and 2014. According to the annual report of the county in 2014, the weekly wage grew from $870 to $964 between 2010 and 2014. The second largest source of revenue is real property taxes followed by real income taxes.
The total net worth of the local government grew by 2.4% in 2014. However, the governmental net position declined by $2.9 million between 2013 and 2014. The difference is blamed for the $4.2 million rise in other post-employment expenses in the financial year ending in 2014. Additionally, education expenses increased considerably by $20 million due to the rise in capital projects. Finally, the total cost of all the country programs stood at $606.9 million- a growth of $29.6 million, equivalent to 5.1 percent relative to the financial year ended 2013.
The primary purpose of comparing the actual values and estimated values is to add value to the organization through better planning, evaluating, monitoring as well as controlling. The management of the institution may then adjust a budget either downward or upward in order to reflect reality. It is also done in order to implement new measures of cost cutting and promotion of sales (Bruns & Waterhouse, 1975).
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