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IMOORE STEPHENS M S L LOVELACE cPAS x Aowsoas scsaa 1 Substantive Testing I Cash, Cash Equivalents, and Investments, including Restricted Funds • Ascertain that cash in the balance sheet is on • Ascertain that investment balances are evidenced hand, in transit,or on deposit with third parties by securities or other appropriate legal I (trustees) in the name of the City. documents, either physically on hand or held in • Determine that all cash funds of the City are safekeeping by others, and include all the City's included in the balance sheet. investments. I • Establish that depositories are legally acceptable, • Determine that investments are the types that adequate collateral has been pledged for the authorized by law, contract and the investment City's deposits, and that separate depository policy of the City. I accounts are maintained for each fund for whic •h required. Make certain that investment values, incomes, gains, or losses are correctly stated and properly • Ascertain that the cash balances reflect a proper allocated to accounts. cutoff of receipts and disbursements and are • Determine that investments are properly I stated at the correct amount. described and classified by fund type in the • Ascertain that cash balances are properly combined balance sheet and related disclosures. presented in accordance with related restrictions I and disclosures are adequate. Receivables and Cash Receipts I • Ascertain that only earned revenues, if any, in the • Ascertain that unbilled service revenues are fiscal year have been recorded, and amounts appropriately reflected in the proper accounting uncollected at year-end presented as receivables period. Iare valid. Ascertain that the City has satisfied the • Ascertain that an adequate allowance for doubtful relevant legal requirements to receive all revenues accounts has been established and that the recorded. related amounts and disclosures are properly • Determine that the revenues were billed or presented in the financial statements. charged and recorded at the correct amount and • Ascertain that receivables are properly classified in receivables are stated at the net realizable the financial statements and that related Iamount. disclosures are adequate. • Make certain that amounts billed for services rendered are valid and have been billed to customers at authorized rates. Inventories I • Determine that inventories recorded represent • Make certain that inventory is properly a complete listing of materials and supplies classified and disclosure is made of the equity held by the City and that such assets are reserve, if appropriate. physically on hand. • Establish that inventory listings are accurately valued and that the totals are properly 1 recorded in accounts. 1 /o , I ° 261 1