Emphasis of Matter. I draw attention to Note 2.3 to the interim financial statements. Due to the impact of COVID-19 pandemic, in preparing the interim financial information for the three-month period ended March 31 2020, the Group has adopted the Accounting Guidance on “Temporary relief measures on accounting alternatives in response to the impact of the COVID-19 situation” announced by the Federation of Accounting Professions. My conclusion is not modified in respect of this matter.
Emphasis of Matter. Basis of Preparation of the Combined Financial Statements and Restriction on Distribution and Use Responsibilities of Management of the Mobility Division of Siemens AG and the member of the Siemens Managing Board with business responsibility for the Mobility Division for the Combined Financial Statements Auditor’s Responsibilities for the Audit of the Combined Financial Statements
Emphasis of Matter. As described in Note 15 to the combined financial statements, members’ deficit at December 31, 2012 was restated to appropriately reflect the portion attributable to the noncontrolling interest. Our opinion is not modified with respect to this matter. /s/ Xxxxx & Xxxxxxx, PC Xxxxx & Xxxxxxx, PC Certified Public Accountants Burlington, Massachusetts February 24, 2015 Table of Contents COMBINED BALANCE SHEETS Current assets: Cash and cash equivalents $ 4,212,121 $ 4,102,881 Accounts receivable 52,877 28,381 Employee advances — 25,929 Prepaid expenses 491,909 512,562 Total current assets 4,756,907 4,669,753 Property, plant and equipment: Computer equipment and software 6,158,998 5,937,447 Buildings and improvements 1,066,565 1,066,565 Furniture and fixtures 191,972 168,833 Leasehold improvements 124,864 75,417 Total property, plant and equipment 7,542,399 7,248,262 Less accumulated depreciation 6,154,998 5,448,697 Net property, plant and equipment 1,387,401 1,799,565 Other assets: Due from members 1,301,246 1,207,326 Due from related party 165,826 453,655 Restricted cash 45,000 45,000 Intangible assets, net 71,159 70,503 Notes receivable 107,779 72,583 Deposits 56,567 19,968 Total other assets 1,747,577 1,869,035 Total Assets $ 7,891,885 $ 8,338,353 Current liabilities: Accounts payable $ 622,706 $ 1,441,347 Accrued expenses 2,185,609 1,926,696 Current maturities of long-term debt 959,402 1,016,632 Current maturities of obligations under capital lease 234,755 222,288 Deferred revenue 894,278 736,806 Total current liabilities 4,896,750 5,343,769 Noncurrent liabilities: Long-term debt, less current maturities 793,118 1,815,692 Obligations under capital lease, less current maturities 231,781 439,866 Total liabilities 5,921,649 7,599,327 Members’ equity: Members’ equity 1,970,236 745,292 Noncontrolling interest — (6,266 ) Total members’ equity 1,970,236 739,026 Total Liabilities and Members’ Equity $ 7,891,885 $ 8,338,353 Table of Contents COMBINED STATEMENTS OF INCOME Revenues: Sales, net $ 26,746,469 $ 21,916,272 Rental income — 17,573 Total revenues 26,746,469 21,933,845 Cost of services 5,407,214 5,436,563 Gross profit 21,339,255 16,497,282 Operating expenses 17,425,072 13,826,374 Income from operations 3,914,183 2,670,908 Other income (expense): Other income 15,814 76 Interest expense (207,543 ) (239,760 ) Gain on disposal of property, plant and equipment — 142,559 Total other expense (191,729 ) (97,125 ) Net Income 3,722,454 2,573,783 Net Loss Attributable ...
Emphasis of Matter. As discussed in Note 1 to the basic financial statements, the Poplar Bluff, Missouri, Public Building Corporation has been included as a component unit of the reporting entity for the year ended December 31, 2012.
Emphasis of Matter. Without qualifying our opinion, we draw attention to the following:
Emphasis of Matter. Without qualifying the audit opinion expressed above, attention is drawn to the following matters:
5.1 Internal control weaknesses
Emphasis of Matter. Without further qualifying the audit opinion expressed above, attention is drawn to the following matters:
5.1. Funds not utilised – Manpower Development Authority of Bophuthatswana [MANDAB] : R41 605 181
Emphasis of Matter. As discussed in Note 1, the financial statements present only the Measure M General Obligation Bond Fund specific to General Obligation Bonds, Election 2006, and are not intended to present fairly the financial position and changes in financial position of the District in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Emphasis of Matter. As discussed in Note 1, the financial statements present only the Measure M General Obligation Bond Fund specific to General Obligation Bonds, Election 2006, and are not intended to present fairly the financial position and changes in financial position of the District in accordance with accounting principles generally accepted in the United States of America. In planning and performing our audit of the financial statements, we considered the District's Measure M General Obligation Bond Fund (Measure M) internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's Measure M General Obligation Bond Fund (Measure M) internal control. Accordingly, we do not express an opinion on the effectiveness of the District's Measure M General Obligation Bond Fund (Measure M) internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the Measure M General Obligation Bond Fund (Measure M) financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Emphasis of Matter. I draw attention to Note 1.3 to the financial statements. Two subsidiary companies had incurred continuous operation losses. As at December 31, 2014 and 2013, current liabilities were higher than current assets and deficits were significant amounts. These factors indicate the existence of material uncertainties which cast significant doubt over these subsidiaries’ ability to operate and continue as a going concern.
