Significant Financial Statement Risks The principle areas of audit emphasis included key industry, business and technical issues as identified during our audit planning and the accounts with greater risk of misstatement due to their inherent risk, error or fraud.
The significant accounting principles, estimates and judgments were as follows: Revenue recognition Cash and investments, including restricted assets Capital Asset Accounting, including depreciation and disposal of capital assets Accounting for pensions The principle areas of audit emphasis were as follows: Cash reconciliations Cash disbursements Collectability accounts receivables Completeness of liabilities Intergovernmental agency relationships Debt accounting and other long-term liabilities, including review of debt covenants Service concession arrangements
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