10.5 Reviewing an ACFR Review the most recent ACFR of a state or local government in your area. Using that report, identify: 1. The entity's most significant source of revenues and most significant expense 2. The entity's most significant asset, and its most significant liability 3. Two of the individual funds used by the government (look for separate fund financial statements) 4. Who prepared the report 5. Who audited the report, and using what auditing standards Finally, note one other interesting difference between this report and the form or content of financial statements prepared by nongovernmental entities.