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,
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
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.