Obtain a copy of a recent Annual Comprehensive Financial Report (during the period this book went to
Question:
Obtain a copy of a recent Annual Comprehensive Financial Report (during the period this book went to print, ACFR may also have been called the Comprehensive Annual Financial Report). These reports may commonly be obtained from the website of a city or county of your choice. It would be best, but not absolutely necessary, to use an ACFR with a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association.
Answer the following questions:
What is the fiscal year (year-ending period)? Identify the name and address of the independent auditor. Is the auditor’s opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements? Does the report contain an organizational chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal. Does the report include a Management’s Discussion and Analysis? List the major categories of items discussed. Does the report include the government-wide statements (Statement of Net Position and Statement of Activities)? Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds?
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann