Financial Statement / Audit Report Review

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avan9766

Business Finance

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Financial Statement / Audit Report Review

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.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Done. Thank you.

Running head: Financial Statement / Audit Report Review

Financial Statement / Audit Report Review
Name of Student
Name of Professor
Course Title
Date

1

Financial Statement / Audit Report Review

2

Normally, complete annual reports within states are drawn based on the review ability to
uncover different conceivable experiences. This context majors on annual reports as well as
financial review reports for the City of Austin Minnesota. The production approach for these two
CAFR is focused for the general public among other bodies to have a look on it. The City of
Austin free report was generated through the paper about workplace of the Honorable-Mayor
among other members of the City-Council. Moreover, the City of Atlanta report also tended to
the City of Atlanta Governor as well as other members of Legislative Assembly (Gibson, 2013).
These reports were exhibited as per the conditions of benchmarks of reviewing by the
state Government Auditing-Standards. Additionally, these two reports were in consistence to
uncover all the financial information of the two organizations. The main aim was to uncover and
determine whether the financial information was free of any material-misquote and offer an
inward control over budgetary-consistence.
Furthermore, both the review and financial backing information of the two organizations
were presented as shown on the estimation of the funds spent in the significant fields. The
financial allowance breakdown was p...


Anonymous
This is great! Exactly what I wanted.

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