Review the financial statements and audit reports for a local county or municipality of your choice. The
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Question:
- Review the financial statements and audit reports for a local county or municipality of your choice.
- The financial statements of the government you selected should have at least three funds.
Instructions
Write following:
- Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the selected local government entity with the government entity identified in the Week 1 homework.
- In your comparison, include the following:
- The publication method of the CAFR.
- Audit and budget information in the CAFR.
- The type of audit report issued.
- The existence or nonexistence of an internal audit function within the government entity.
- In your comparison, include the following:
- Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the Continuing Problem CAFR
- Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports.
- Include in your analysis an evaluation of the basis of accounting used for the budget and financial statements.
- Analyze the sources of revenue for the selected local government.
- Include information on both governmental and business-type activities, examining:
- Information about the general fund.
- Various management discussion and analysis items of note.
- Year-to-year variations in the tax levels of income.
- Deferred revenue.
- Property taxes and how they are accounted for other sources identified as primary revenue for the entity.
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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