Question: Assume you are the accounting supervisor for the City of
Assume you are the accounting supervisor for the City of Secret Valley, and you discover a violation the city made regarding its bond indentures. The city has four bond issues outstanding, and the bond indenture for each requires a separate accounting. In error, a new entry- level accounting clerk did not set up separate Debt Service Funds for each bond issue. It is the end of the current year, and you are responsible for preparing the annual report. In desperation, you go to your superior, Janet Well, the chief financial officer of the city, and ask her for guidance. She suggests you not worry about such a petty thing—“ No one reads these reports anyway.” What would you do?
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