On Feb 12, 2008 4:51 AM, Florence Devouard <Anthere9(a)yahoo.com> wrote:
The FS on the audit document are presented with an accounting
perspective. Not for the general audience.
Financial statements are not written just for accountants, but anyone
with "a reasonable knowledge of business and economic activities and
accounting and who are willing to study the information diligently".
The goal of an audit is not to provide breakdowns of
My concern was over the financial statements, not the audit, but in
any case breakdowns of each line is not required.
and I regret that you were not provided with detailed breakdown or a
budget during year 2006-2007.
It's not something you have to regret. You're still on the board.
Write a resolution that the WMF will provide us with detailed
breakdown and a budget for year 2006-2007. Maybe it won't pass, but
at least you tried.
The fact that I regret the public was not
provided this breakdown is totally irrelevant to the audit itself and
does not preclude I mistakenly approved the audit.
Again, I'm not talking about the audit, I'm talking about the
financial statements. Try not to mix the two up. In your resolution,
you approve the financial statements, not the audit.
That said, not providing a breakdown is one thing. Combining things
in misleading ways is another. These are your financial statements.
You should be happy with them before you approve them. If you want to
break something out, break it out, or at least put in a clarifying
note. 7 categories of expenses is not very many. 8 would have been
fine. The note about amounts from 2006 being reclassified to conform
with the 2007 presentation didn't have to be so cryptic, it could have
explained what was reclassified. "Contributions that are restricted
by the donor" don't have to be "reported as an increase in
unrestricted net assets if the restriction expires in the reporting
period in which the contributions are received."
Does that clarify things ?
A little. But I still have some questions which I asked at the bottom
of my last email. And I hope you pursue that resolution to provide us
with more detailed statements, if not now then in the future. Why not
provide us with unaudited statements on a quarterly basis to
supplement the annual audited statement?