Assignment 1: Financial Statement / Audit Report Review
Select a local government in your state and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least three funds.
Write a three to four page paper in which you:
1. Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB.
2. Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds.
3. Evaluate management's discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements.
4. Determine whether the entity's financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements.
Assignment 2: Public University Analysis
Select a public university system and review the financial statements and audit report for the system.
Write a three to four (3-4) page paper in which you:
1. Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.
2. Identify and analyze the economic conditions that will affect the future growth and success of the institution.
3. Review and evaluate the treatment of federal grants such as Pell grants, supplemental grants, and work study on the revenue reported for the institution.
4. Compare the treatment of endowments, earnings on endowments, and restricted funds with GAASB requirements.