Common Deficiencies in Letter of Transmittal and Management's Discussion and Analysis

Loyd, Scot D.; Crawford, Michael A.
November 2007
Governmental GAAP Update Service;11/30/2007, Vol. 7 Issue 22, p1
Trade Publication
The article explores and addresses the most common financial reporting deficiencies found in the annual reports of state and local governments, as identified by the Government Financial Officers Association (GFOA) in the U.S. Deficiencies include failure to discuss significant differences between the original budget and the final amended budget, and failure to address significant changes in major funds other than the general fund. It also discusses significant general-fund budget variances.


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