Discrepancies during a triannual review of the official accounting records can occur in Financial statements, Capital assets, and Inventory. These discrepancies must be resolved to ensure the accuracy of financial information and compliance with budgetary allocations.
During a triannual review, discrepancies between the resource advisor's records and the official accounting records can occur with respect to B) Financial statements, D) Capital assets, and E) Inventory. These are critical areas in the accounting process where mismatches in records may arise due to errors in recording transactions, changes in asset valuations, or inventory counts differing from existing records.
The budget review focuses on evaluating potential variances between allocated funds and expenditures made, which may include taxes and spending that have been recorded within a given fiscal year, typically starting on October 1 and ending on September 30 the following year. Moreover, in the governance context, the comptroller's responsibilities include providing revenue estimates and certifying that appropriations fall within available revenues, which can be an aspect of a detailed financial review.
So, accurate financial reviews are essential for ensuring that the budget aligns with actual revenue and expenditures, and discrepancies found during these reviews must be addressed to maintain the integrity of the financial statements, capital assets, and inventory records.