Financial Accounting System

The City Accounting System is the total method of records and procedures of recording, retrieving, and reporting information on the financial position and operations of our organization or any classifying of its funds, balanced account groups and organizational components.
We have a Chart of Accounts that lists all the accounts generally used in an accounting system. In addition to account title, the chart includes an account number which has been assigned to each account. Accounts in the chart are arranged with accounts of a similar nature; for example, assets and liabilities.
Each Account is a descriptive heading under which are recorded financial transactions that are similar in terms of a given frame of reference, such as purpose, object, or source.
The real question is does the recording and reporting of activities and events affecting the money of our organization and its program provide the information needed to evaluate the status and results of operations. Specifically, for effective financial accounting, it should (1) have determined what accounting records are to be maintained, how they will be maintained, and the procedures, methods, and forms to be used; (2) what recording, classifying, and summarizing activities or events are needed; (3) how to analyze and interpret recorded data; and (4) the who, what, where, when and how of preparing reports and statements that reflect the condition as of a given date, the results of operations for a specific period, and the evaluation of status and results of operation in terms of established objectives.
Can we say that the information recorded in our financial system is allowing for effective evaluation? For the State, Auditors, Administration, Department Heads or Council members?