06/30/1978-FISCAL AUDITS - Laserfiche WebLink

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• CHARLES E . DI PESA & GO. CERTIFIED PUBLIC ACCOUNTANTS 10 HIGH STREET CHARLES E, OI PrSA,C.P,A. MEMBERS WILLIAM F. OI PESA. C.P.A. BOSTON,MASS.02ll0 A. I.C.P.A. JOHN F.OTERI.C.P.A. MASS.C.P.A. N.A.A. October 617-423-3555 24 • 1978 To the Board of Selectmen Town of Mashpee • Mashpee, Massachusetts Gentlemen: we have examined. the Financial Statements of the various • funds and account group of the Town of Mashpee for the year ended June 30, 1978, listed in the foregoing table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as we considered • necessary in the circumstances. The Town maintains its financial records on a basis prescribed by the Commonwealth of Massachusetts, which practices differ in certain respects from generally accepted accounting principles set forth in pronouncements of the American Institute • of Certified Public Accountants and the National Committee on Governmental Accounting. The principal differences are: The use of the cash method to record revenues other than real estate and personal property • taxes, whereas generally accepted accounting principles require the use of the modified accrual basis; A record of general fixed assets is not • required by the Commonwealth; and The pension expense is recorded on the j pay-as-you-go method, whereas generally accepted accounting principles require I• the use of a method which results, as a minimum, in a provision for pension expense equal to the sum of normal cost i interest on unfunded prior service costs and amortization of unfunded vested benefits. i i• CHARLES E. DIPESA & CO.. BOSTON, MASS, (617) 423-3555