The Transmittal Or Narrative That Accompanies The...

Shuo Wang
New York Sate, March 31, 2012 http://www.osc.state.ny.us/finance/finreports/2012cafr.pdf a. Introductory Section
(1) How does the transmittal or narrative that accompanies the financial statements (or notes to the financial statements) define (refer to) the governmental reporting entity?

New York’s government comprises three branches—executive, legislative and judicial. The executive branch includes the
Executive (including 20 State departments), the Department of Audit and Control, and the Department of Law, which are headed respectively by the Governor, Comptroller and Attorney General. The State ended its 2011-12 fiscal year having achieved major reductions in structural budget gaps, even in the face of unexpectedly weak economic conditions. Other indicators of positive changes include the State’s cash position, which is significantly improved from a few years ago.

(2) In one sentence, how does the introductory section describe the financial condition at the balance sheet date?

The Office of the State Comptroller was honored for the 23rd consecutive year to receive the Certificate of Achievement for
Excellence in Financial Reporting from the Government Finance Officers Association for the State’s 2011 Comprehensive
Annual Financial Report.

(3) Does the introductory section discuss the most Between December 2009 (when employment reached its recessionary low) and March 2012, New York regained nearly 94 significant changes in financial condition percent of the jobs lost during the recession (more than twice the share recovered by the nation). New York’s unemployment during the year? If so, name one of them. peaked at 8.9 percent in January 2010 and had declined to 8 percent in April 2011, but it then began to rise again as more people reentered the labor market, reaching 8.5 percent as of March 2012.
(4) Does the intro section alert the reader to future A sustained recovery has yet to begin in the housing markets. While the foreclosure crisis has been less severe in New York changes in financial condition? If so, name than in many other parts of the nation, the share of mortgages that are at least 90 days delinquent remains at a very high level one of them.
(9.5 percent during the fourth quarter of 2011).
(5)
(5) Skip
(6) Does the intro section include a list of
Yes. Andrew M. Cuomo, Governor principal officials or an organization chart? If so, who is the highest official and what is his/ her title?
(7) Does the intro section have a copy of the
Page 13
“Certificate of Achievement for Excellence in
Financial Reporting” (from the GFOA)? If so, what page is it on?
(8) Skip.

b. Financial Section
(1) Audit Report
(a) Are the financial statements audited? If so, who is the auditor?

Yes. KPMG

(b) According to the auditors’ report, who is responsible for preparing the financial statements? New York State Government

(c) According to the auditors’ report, the financial Government Auditing Standards statements are presented “in accordance” with which accounting principles?
(d) What type of auditors’ opinion is expressed?
(e.g.,

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