Do the existing financial reporting and auditor reporting standards adequately protect the public interest? a case study

Do the existing financial reporting and auditor reporting standards adequately protect the public... In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors’ did not include an explanatory paragraph highlighting the debt, nor did they issue a ‘substantial doubt about the ability to continue to exist as a going concern’ report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Public Budgeting, Accounting & Financial Management Emerald Publishing

Do the existing financial reporting and auditor reporting standards adequately protect the public interest? a case study

Loading next page...
 
/lp/emerald-publishing/do-the-existing-financial-reporting-and-auditor-reporting-standards-3AzxD0kg4U
Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1096-3367
DOI
10.1108/JPBAFM-20-03-2008-B006
Publisher site
See Article on Publisher Site

Abstract

In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors’ did not include an explanatory paragraph highlighting the debt, nor did they issue a ‘substantial doubt about the ability to continue to exist as a going concern’ report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest.

Journal

Journal of Public Budgeting, Accounting & Financial ManagementEmerald Publishing

Published: Mar 1, 2008

There are no references for this article.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create folders to
organize your research

Export folders, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off