Homework: Financial Statement/Audit Report Review
Write a 3 to 5 pages paper in which you do the 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:
o The publication method of the CAFR;
o Audit and budget information in the CAFR;
o The type of audit report issued; and
o The existence or nonexistence of an internal audit function within the government entity.
• 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 from Chapter 2.
• 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.
• Analyze the sources of revenue for 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 the following:
o Property taxes and how they are accounted for;
o Other sources identified as primary revenue for the entity;
o Deferred revenue;
o Year-to-year variations in the tax levels of income;
o Various management discussion and analysis items of note; and
o Information about the general fund.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.