It appears that the decision to classify a transaction as a special item involves a significant amount
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It appears that the decision to classify a transaction as a special item involves a significant amount of judgement. Could a governmental entity be motivated to use funds from a non-recurring special item transaction to cover a shortfall in revenue from recurring sources of funding and not report the special item as such, for political purposes? An auditor should view the audit client's financial statements with healthy skepticism. Shouldn't the users of financial statements do the same thing?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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