Describe Financial Statement Audit and Comment on any interesting account in the financial Statement below. Identify the type of Opinion that should be given to this financial statement. Support your views with relevant examples.

 
 

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GOVERNMENT OF THE REPUBLIC OF FIJI NOTES TO AND FORMING PARTS OF OTHER FINANCIAL STATEMENTS (cont...) FOR THE PERIOD ENDING 31 JULY 2017 14. Cash and Cash Equivalent All Government Ministries/Departments use several overdraft accounts (Drawings) for their operations and are cleared on a daily basis to the Consolidated Fund Account of government. In addition, several Ministries/Departments operate and maintain their own bank accounts for monies held as trust and for those that operate quasi-commercial activities. Funds held by overseas banks are for the various Fiji Embassies, Trade Missions, Overseas Pension Funds and JP Morgan Accounts. The balance of Domestic Account has been settled off by the unpresented cheques for ministries/departments as of 31 July 2017. The value of cheques that were issued but have not been presented to the banks totalled around $82.0 million. The cash and cash equivalent held by the government includes trust fund account of $169.3 million that are not available for use. The trust fund account include deposits, retention monies and true trust account that the Ministry/Department are holding in trust. Description of Account Overseas Accounts Domestic Accounts Trust Fund Accounts Trading and Manufacturing Accounts Net Cash Overseas Bank Accounts. Fiji Embassies Pension Fund - Crown Agents London JP Morgan Account Total for Overseas Accounts JP Morgan cash accounts comprises of the following: JP Morgan Liquidity Total JP Morgan Account Domestic Account Domestic Bank Balance less Unpresented Cheques 2017 (12 months) (S) 18,546,563 87,966,550 169,295,442 13,944,586 289,753,141 7,092,170 (190,207) 11,644,600 18,546,563 11,644,600 11,644,600 2016 (7 months) ($) 47,411,540 35,834,838 119,788,149 15,462,371 218,496,898 7,918,927 104,606 39,388,007 47,411,540 39,388,007 39,388,007 169,913,602 145,705,229 (81,947,052) (109,870,391) 87,966,550 35,834,838 GOVERNMENT OF THE REPUBLIC OF FIJI NOTES TO AND FORMING PARTS OF OTHER FINANCIAL STATEMENTS (cont...) FOR THE PERIOD ENDING 31 JULY 2017 14. Cash and Cash Equivalent All Government Ministries/Departments use several overdraft accounts (Drawings) for their operations and are cleared on a daily basis to the Consolidated Fund Account of government. In addition, several Ministries/Departments operate and maintain their own bank accounts for monies held as trust and for those that operate quasi-commercial activities. Funds held by overseas banks are for the various Fiji Embassies, Trade Missions, Overseas Pension Funds and JP Morgan Accounts. The balance of Domestic Account has been settled off by the unpresented cheques for ministries/departments as of 31 July 2017. The value of cheques that were issued but have not been presented to the banks totalled around $82.0 million. The cash and cash equivalent held by the government includes trust fund account of $169.3 million that are not available for use. The trust fund account include deposits, retention monies and true trust account that the Ministry/Department are holding in trust. Description of Account Overseas Accounts Domestic Accounts Trust Fund Accounts Trading and Manufacturing Accounts Net Cash Overseas Bank Accounts. Fiji Embassies Pension Fund - Crown Agents London JP Morgan Account Total for Overseas Accounts JP Morgan cash accounts comprises of the following: JP Morgan Liquidity Total JP Morgan Account Domestic Account Domestic Bank Balance less Unpresented Cheques 2017 (12 months) (S) 18,546,563 87,966,550 169,295,442 13,944,586 289,753,141 7,092,170 (190,207) 11,644,600 18,546,563 11,644,600 11,644,600 2016 (7 months) ($) 47,411,540 35,834,838 119,788,149 15,462,371 218,496,898 7,918,927 104,606 39,388,007 47,411,540 39,388,007 39,388,007 169,913,602 145,705,229 (81,947,052) (109,870,391) 87,966,550 35,834,838

Answer rating: 100% (QA)

A financial statement audit is the examination of an entitys financial statements and accompanying d... View the full answer