Assignment 1: Financial Statement / Audit Report Review
Worth 240 points
Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment.
Write a three to five (3-5) page paper in which you:
1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include:
a.Publication method of the CAFR
b.Audit and budget information in the CAFR
c.The type of audit report issued
d.Existence or non-existence of an internal audit function within the government entity
2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2.
3.Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements.
4.Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine
a.Property taxes and how they are accounted for
b.Other sources identified as primary revenue for the entity
c.Deferred revenue
d.Year-to-year variations in the tax levels of income
e.Various management discussion and analysis items of note
f.Information about the general fund
Your assignment must follow these formatting requirements:
•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
•Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
•Evaluate the financial reporting of state and local governments and assess the reporting requirements in accordance with governmental accounting standards board (GASB).
•Analyze governmental activities related to expenditures and expenses.
•Use technology and information resources to research issues in government and not-for-profit accounting.
•Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics.
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Assignment 1: Financial Statement / Audit Report Review
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Financial Statement / Audit Report Review
The Comprehensive Annual Financial Report (CAFR) is prepared according to the financial accounting principles that are accepted in the United States. The CAFR provides concise information regarding the operations and the financial position of an entity (Kirk, 2013). The paper will provide an analysis of the CAFR of county of Charleston and the City of Austin.
Comparison of the CAFR of County of Charleston and City of Austin
An analysis of the comprehensive annual financial reports of the County of Charleston and City of Austin shows some similarities and differences. The CAFR of County of Charleston and City of Austin have both been made available for view from the general public. In the introductory section, the County of Charleston points that the county’s CAFR is issued to the members of the county assembly and the citizens of Charleston County (County of Charleston, 2016). The City of Austin in the release of its CAFR, points in the introduction that the CAFR of the City government is issued to the Honorable Mayor, Mayor Pro Tem, Council members and the citizens of City of Austin, Texas (City of Austin, 2016). The County of Charleston and City of Austin CAFR’s bear some similarities in the way the information is presented. The reports are divided into three major sections that consist of the introduction, financial and the statistics sectio……………………………………………………………………………………………………………………………………………………………………………………………………
