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Assignment 1: Financial Statement /
Audit Report Review
Due Week 4 and 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.
Click here to view grading
rubric.
The CAFR that I used in continuing
problems in chapter 1 to three is The stat of North Dakota.
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