John Wayne International Airport is the sole commercial airport in Orange County. General aviation operations outnumber commercial operations and several facilities at the airport serve the general aviation and corporate aviation community. The other general aviation airport in the county is Fullerton Municipal Airport.
Inventory, general expenses, and payroll. â Cash, accounts receivable, and sales. These accounts are part of the acquisition cycle. When auditing the existence assertion for an asset, auditors proceed from the Supporting original transaction documents to the general ledger. General ledger back to the supporting original transaction documents. Financial statement amounts back to the potentially unrecorded items.
You usually find the auditorsâ report (a letter from the auditors to the companyâs board of directors and shareholders) either before the financial information or immediately following it. 1  Before you read the financial statements or the notes to the financial statements, be sure that youâve read the auditorsâ report. You read the auditorsâ report first to find out whether the auditor raised any red flags about the companyâs financial results. To lend credibility to managementâs assurances, companies call in independent auditors from an outside accounting firm to audit their internal controls and financial statements.