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IS IT TRUE Part 2: Type of Opinions Issued by Auditors

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skeletons in the closet

 

IS IT TRUE the City County Observer has located an easy to understand definition of what the 4 kinds of opinions that audit teams issue at the conclusion of the audit process?…these things are as self explanatory as they can be and we will let this stand on it’s own as we await the “official” release of the City of Evansville and the Water and Sewer Utility audits for 2012?

 

Unqualified Opinion
Often called a clean opinion, an unqualified opinion is an audit report that is issued when an auditor determines that each of the financial records provided by the small business is free of any misrepresentations. In addition, an unqualified opinion indicates that the financial records have been maintained in accordance with the standards known as Generally Accepted Accounting Principles (GAAP). This is the best type of report a business can receive.

Typically, an unqualified report consists of a title that includes the word “independent.” This is done to illustrate that it was prepared by an unbiased third party. The title is followed by the main body. Made up of three paragraphs, the main body highlights the responsibilities of the auditor, the purpose of the audit and the auditor’s findings. The auditor signs and dates the document, including his address.

Qualified Opinion
In situations when a company’s financial records have not been maintained in accordance with GAAP but no misrepresentations are identified, an auditor will issue a qualified opinion. The writing of a qualified opinion is extremely similar to that of an unqualified opinion. A qualified opinion, however, will include an additional paragraph that highlights the reason why the audit report is not unqualified.

Adverse Opinion
The worst type of financial report that can be issued to a business is an adverse opinion. This indicates that the firm’s financial records do not conform to GAAP. In addition, the financial records provided by the business have been grossly misrepresented. Although this may occur by error, it is often an indication of fraud. When this type of report is issued, a company must correct its financial statement and have it re-audited, as investors, lenders and other requesting parties will generally not accept it.

Disclaimer of Opinion
On some occasions, an auditor is unable to complete an accurate audit report. This may occur for a variety of reasons, such as an absence of appropriate financial records. When this happens, the auditor issues a disclaimer of opinion, stating that an opinion of the firm’s financial status could not be determined.

Vanderburgh County Recent Booking Records

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SPONSORED BY DEFENSE ATTORNEY IVAN ARNAEZ.
DON’T GO TO COURT ALONE. CALL IVAN ARNAEZ @ 812-424-6671.
BURKES NMN MENEFIELD
Race: Black / Sex: Male / Age: 28
Residence: 424 JEANNETTE BENTON DRIVE EVANSVILLE , IN
Booked: 4/28/2014 1:01:00 PM
Charge Bond Amt
FAILURE TO APPEAR-ORIGINAL CHARGE MISD 250
Total Bond Amount: $250
DASHAR LAVELL CABELL
Race: Black / Sex: Male / Age: 20
Residence: 814 CARAGE CIRCLE EVANSVILLE , IN
Booked: 4/28/2014 12:29:00 PM
Charge Bond Amt
SENTENCED – REF DOCKET # 0
Total Bond Amount: $0
EARL NMN LOCKRIDGE
Race: Black / Sex: Male / Age: 47
Residence: 1856 S GARVIN ST EVANSVILLE, IN
Booked: 4/28/2014 11:59:00 AM
Charge Bond Amt
COURT ORDERED CONFINEMENT 0
Total Bond Amount: NO BOND
TIMOTHY ALLEN WILSON
Race: White / Sex: Male / Age: 39
Residence: 2204 BELMAR LN EVANSVILLE , IN
Booked: 4/28/2014 11:18:00 AM
Charge Bond Amt
WRIT OF ATTACHMENT 1000
Total Bond Amount: $1000
RICKIE DAVID OWEN
Race: White / Sex: Male / Age: 48
Residence: 310 SIERRA DRIVE EVANSVILLE, IN
Booked: 4/28/2014 11:07:00 AM
Charge Bond Amt
PETITION TO REVOKE PROBATION 0
Total Bond Amount: NO BOND
DANIEL RAY WOLFE
Race: White / Sex: Male / Age: 38
Residence: 1303 JOHN STREET EVANSVILLE, IN
Booked: 4/27/2014 11:18:00 PM
Charge Bond Amt
FAILURE TO APPEAR-ORIGINAL CHARGE FELONY 1000
THEFT-OTHR [DF] 0
BATTERY-SIMPLE ASSAULT OTHER [AM] 250
Total Bond Amount: NO BOND
TYLER JOSE DELGADO
Race: White / Sex: Male / Age: 18
Residence: 1318 S ALVORD BLVD EVANSVILLE, IN
Booked: 4/27/2014 10:20:00 PM
Released
Charge Bond Amt
WEAPON-HANDGUN W/O A LICENSE [AM] 0
NARC-POSS MARIJUANA, HASH OIL, HASHISH, < 30 G [AM] 0
Total Bond Amount: $0
ELIZABETH DEBORAH LOWE ROWE-KIRTLEY
Race: White / Sex: Female / Age: 31
Residence: 2280 CURTIS RD MT.VERNON, IN
Booked: 4/27/2014 8:52:00 PM
Released
Charge Bond Amt
TRAFFIC-DRIVING W/LIC PRIOR SUSP PRIOR OF [AM] 0
TRAFFIC-REG FALSE [CI] 0
Total Bond Amount: $0

Police trying to identify shoplifter in $2,000 theft cas

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SPONSORED BY DEFENSE ATTORNEY IVAN ARNAEZ.
DON’T GO TO COURT ALONE. CALL IVAN ARNAEZ @ 812-424-6671.
Evansville Police are trying to identify a woman who stole $2,000 worth of cologne at the Ultra store on the east side.

user30769-1398695364-media1_333d3c_240_180_PrsMe_The theft happened on April 9th around 1:00pm. There is a man with her at the time of the theft.
If you recognize these people, contact EPD at 436-7979 ot WeTip at 1-800-78-CRIME.

VANDERBURGH COUNTY FELONY CHARGES

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nick hermanSPONSORED BY DEFENSE ATTORNEY IVAN ARNAEZ.
DON’T GO TO COURT ALONE. CALL IVAN ARNAEZ @ 812-424-6671.

Below is a list of felony cases that were filed by the Vanderburgh County Prosecutor’s Office on Friday, April 25, 2014

TERRY DAUGHERTY Intimidation- Class C Felony (Two Counts)
Resisting Law Enforcement-Class D Felony
Criminal Recklessness- Class D Felony
Invasion of Privacy-Class D Felony

AMY LANETTE MCGINNIS Operating a vehicle with an ACE of .15 or more- Class A Misdemeanor
(Enhanced to Class D Felony Due to Prior Convictions)

Marcellus Washington Possession of Cocaine, a Class D Felony
Resisting Law Enforcement- Class A Misdemeanor
(Habitual Offender Enhancement)

Randall Carroll Tuck III Theft- Class D Felony
Resisting Law Enforcement-Class A Misdemeanor

Logan Reed Strangulation- Class D Felony
Domestic Battery- Class A Misdemeanor

Ralph Duncan Strangulation-Class D Felony

Ashley Durham Theft- Class D Felony

Justin Ray Market Possession of Meth- Class D Felony
Possession of a Sch IV Controlled Sub- Class D Felony

Garland Henry Ragler Unlawful Possession or use of a Legend Drug- Class D Felony
Public Intoxication-Class B Misdemeanor

Troy Allen Howell Theft- Class D Felony
(Habitual Offender Enhancement)

For further information on the cases listed above, or any pending case, please contact Kyle Phernetton at 812.435.5688 or via e-mail at KPhernetton@vanderburghgov.org

Under Indiana law, all criminal defendants are considered to be innocent until proven guilty by a court of law

BREAKING NEWS-Weinzapfel To Become Chancellor

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Former Mayor Jonathon Weinzapfel
Former Mayor Jonathon Weinzapfel

The City County Observer has learned that former Mayor Jonathan Weinzapfel will be named Chancellor of Ivy Tech Southwest at a news conference later today.

Political Contributions Report: Bruce Ungenthiem

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bruce
Republican candidate for the nomination for County Commissioner Bruce Ungenthiem has release his campaign’s April campaign finance report. The four donors that have contributed over $1,000 are as follows:

1. Fraternal Order of Police: $4,000

2. Steven Blankenburger: $4,000

3. Bruce Ungenthiem: $1,170

4. Tom Small: $1,046

Two other donors made contributions of $1,000.

Bruce Ungenthiem Campaign Report April 2014

Campaign Finance Report of Commissioner Marsha Abell For April 2014

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Marsha Abell

The 10 largest donors to the Abell for Commissioner campaign are as follows listed on Marsha Abell April 21, 2014 report. Please click the links posted at the bottom of this page to get accurate and detailed information concerning Marsha Abell April 2014 finance report.

1. Barnes & Thornburg LLP (Indy law firm): $5,000.

2. Vanderburgh County GOP: $5,000  Also it was reported in the Jan. 14, 2014 finance report that the Vanderburgh County GOP also give Marsha Abell $5,000.  This make a grand total of $10,000 donated by the local GOP to Abell’s campaign .

3. Friends of Mayor Winnecke: $4,500

4. SIBA Builders PAC: $4,000

5. Steven Jones: $2,800

6. County Attorney Joe Harrison Jr.: $2,500

7. DPBG Pac: $2,300

8. Kathryn Pankaoa: $1,500

9. Michael Schopmeyer: $1,500

10. Elect Joe Kiefer: $1,200

There were 10 other donors of $1,000 or more on the report.

The following links are to Part 1 & Part 2 of the April campaign finance report of Vanderburgh County Commissioner Marsha Abell.

Abel_Campaign_Report_Part_1

Abel_Campaign_Report_Part_2

EDITOR FOOTNOTE: TOMORROW WE SHALL POST INFORMATION FROM MARSHA ABELLS  JANUARY 2014 FINANCE REPORT.

Bankruptcy filings drop in Indiana

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IL Staff for www.theindianalawyer.comindianalawyer

Bankruptcy filings in the U.S. Bankruptcy Courts, Northern and Southern Districts of Indiana, fell for the 12-month period ending March 31 as compared to the same time in 2013, according to the United States Courts.

Figures released Thursday show overall filings dropped 4.5 percent in the Northern District of Indiana’s Bankruptcy Court. There were 13,855 filings during the 12-month period ending March 31, 2013; by the end of March 2014, there were 13,232 filings. Filings were down 8.6 percent in the Bankruptcy Court in the Southern District of Indiana, with 21,332 for the period ending in March 2013 as compared to 19,504 for the period ending March 2014.

Across the country, bankruptcy filings were down 11 percent during the same time period.

Commentary: Reflections of an Affirmative Action baby

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By Abdul Hakim-ShabazzAbdul-Hakim-Shabazz
IndyPoltics.Org

Abdul Hakim-Shabazz is an attorney and the editor and publisher of IndyPoltics.Org.
Abdul Hakim-Shabazz is an attorney and the editor and publisher of IndyPoltics.Org.
I took the title of this column from the name of a book written by Yale Law Professor Stephen L. Carter. It was published in 1992, during my last year as an undergraduate at Northern Illinois University.

Commentary button in JPG – no shadowIn it he talks about being the beneficiary of affirmative action, but also being a victim, in a sense.

Carter says affirmative action started out with the best of intentions, but the end result has been twisted.

I agreed with it back then and I agree with it now.

One of the basic premises of his book was that affirmative action was simply a way for whites to exercise their liberal guilt by handing out benefits to what he called “the best blacks” and then forgetting about the rest who likely needed the most assistance.

During my time as an undergraduate and graduate student I made it a point to take advantage of whatever white liberal guilt or affirmative action program I could get my hands on. I did it because I was smart enough to figure out the system and make it work for me. Meanwhile, the not so bright, aggressive or ingenuitive people of color had to struggle.

I figured if you’re going to feel bad about something you had no control over the least I could do is make you feel better by giving something to me. (Luckily I have grown and matured since then.)

This is why I don’t get worked up over the recent 6-2 U.S. Supreme Court decision regarding the decision of Michigan voters to end affirmative action by ending the use of race in college admissions.

I had some people – mostly black and whites infected with liberal guilt disease – tell me that this was just another example of “rolling back the clock” on civil rights.

I disagree.

If anything, it allows more people to get access to higher education who really want to pursue it.

Look at who benefits the most from affirmative action college admission programs in the 21st Century. It is usually more well-educated, well-off African Americans.

In my own family, my niece who attends Ohio State University will be the third generation in my family with an advanced degree – my Dad and me being the other two. Her parents had the financial resources to send her to school and she had the drive and the initiative to do the rest.

People like us don’t need affirmative action, to be honest.

However, there are a lot of folks who do. So here’s a thought: Instead of using race in college admissions, I have always believed using income and geography would get you a better result.

Colleges and universities could really reach those bright students who come from low-income areas and give them access to higher learning. Because to be honest, I really don’t think a wealthy black kid from Hyde Park should get an extra boost over a poor kid white kid from rural Appalachia.

Now don’t get me wrong, I do believe diversity is a good thing. However, do we achieve a more diverse society by bringing in folks from all walks of life and giving them an opportunity? Or do we just want a bunch of “Cosby kids” to reap the rewards and benefits so they can pass them on to their children?

The point of affirmative action 40-45 years ago was to provide an opportunity for people who had traditionally been left on the margins of society, but who had the drive, ambition and the smarts to want to achieve. That was a laudable goal then and it still is today.

I just think we need to do it a little differently than back in the 1960s and 1970s.

Abdul is an attorney and the editor and publisher of IndyPoltics.Org. He is also a frequent contributor to numerous Indiana media outlets. He can be reached at abdul@indypolitics.org.