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Assignment: Financial Statement/Audit Report Review Week 4 Assignment 1 - Submit hereStudents, please view the Submit a Clickable Rubric Assignment in the Student Center.Instructors, training
- Week 4 Assignment 1 - Submit hereStudents, please view the "Submit a Clickable Rubric Assignment" in the Student Center.Instructors, training on how to grade is within the Instructor Center.Assignment 1: Financial Statement / Audit Report ReviewDue Week 4 and worth 240 pointsSelect 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 CAFRb.Audit and budget information in the CAFRc.The type of audit report issuedd.Existence or non-existence of an internal audit function within the government entity2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins 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 examinea.Property taxes and how they are accounted forb.Other sources identified as primary revenue for the entityc.Deferred revenued.Year-to-year variations in the tax levels of incomee.Various management discussion and analysis items of notef.Information about the general fundYour 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 students name, the professors 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.
- Writeclearlyandconciselyaboutgovernmentandnot-for-profitaccountingusingproperwritingmechanics.
Points: 240 | Assignment 1: Financial Statement / Audit Report Review | ||||
Criteria | Unacceptable Below 60% F | Meets Minimum Expectations 60-69% D | Fair 70-79% C | Proficient 80-89% B | Exemplary 90-100% A |
1a. 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 publication method of the CAFR. Weight: 5% | Did not submit or incompletely compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Did not submit or incompletely included publication method of the CAFR. | Insufficiently compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Insufficiently included publication method of the CAFR. | Partially compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Partially included publication method of the CAFR. | Satisfactorily compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Satisfactorily included publication method of the CAFR. | Thoroughly compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Thoroughly included publication method of the CAFR. |
1b. 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 audit and budget information in the CAFR. Weight: 5% | Did not submit or incompletely compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Did not submit or incompletely included audit and budget information in the CAFR. | Insufficiently compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Insufficiently included audit and budget information in the CAFR. | Partially compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Partially included audit and budget information in the CAFR. | Satisfactorily compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Satisfactorily included audit and budget information in the CAFR. | Thoroughly compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Thoroughly included audit and budget information in the CAFR. |
1c. 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 the type of audit report issued. Weight: 5% | Did not submit or incompletely compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Did not submit or incompletely included the type of audit report issued. | Insufficiently compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Insufficiently included the type of audit report issued. | Partially compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Partially included the type of audit report issued. | Satisfactorily compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Satisfactorily included the type of audit report issued. | Thoroughly compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Thoroughly included the type of audit report issued. |
1d. 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, includeexistence or non-existence of an internal audit function within the government entity. Weight: 5% | Did not submit or incompletely compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Did not submit or incompletely includedexistence or non-existence of an internal audit function within the government entity. | Insufficiently compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Insufficiently includedexistence or non-existence of an internal audit function within the government entity. | Partially compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Partially includedexistence or non-existence of an internal audit function within the government entity. | Satisfactorily compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Satisfactorily includedexistence or non-existence of an internal audit function within the government entity. | Thoroughly compared and contrasted comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. Thoroughly includedexistence 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 Austins CAFR from chapter 2. Weight: 20% | Did not submit or incompletely preparedthe analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins CAFR from chapter 2. | Insufficiently preparedthe analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins CAFR from chapter 2. | Partially preparedthe analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins CAFR from chapter 2. | Satisfactorily preparedthe analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins CAFR from chapter 2. | Thoroughly preparedthe analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austins 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. Weight: 20% | Did not submit or incompletely analyzedthe methods used by the selected local government entity in comparing the budget-to-actual reports. Did not submit or incompletely included an evaluation of the basis of accounting used for the budget and financial statements. | Insufficiently analyzedthe methods used by the selected local government entity in comparing the budget-to-actual reports. Insufficiently included an evaluation of the basis of accounting used for the budget and financial statements. | Partially analyzedthe methods used by the selected local government entity in comparing the budget-to-actual reports. Partially included an evaluation of the basis of accounting used for the budget and financial statements. | Satisfactorily analyzedthe methods used by the selected local government entity in comparing the budget-to-actual reports. Satisfactorily included an evaluation of the basis of accounting used for the budget and financial statements. | Thoroughly analyzedthe methods used by the selected local government entity in comparing the budget-to-actual reports. Thoroughly included an evaluation of the basis of accounting used for the budget and financial statements. |
4a.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 property taxes and how they are accounted for. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examined property taxes and how they are accounted for. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examined property taxes and how they are accounted for. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government. Partially examined property taxes and how they are accounted for. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examined property taxes and how they are accounted for. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examined property taxes and how they are accounted for. |
4b.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 other sources identified as primary revenue for the entity. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examined other sources identified as primary revenue for the entity. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examined other sources identified as primary revenue for the entity. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government. Partially examined other sources identified as primary revenue for the entity. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examined other sources identified as primary revenue for the entity. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examined other sources identified as primary revenue for the entity. |
4c.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 deferred revenue. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examined deferred revenue. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examined deferred revenue. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government.Partiallyexamined deferred revenue. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examined deferred revenue. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examined deferred revenue. |
4d.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 examineyear-to-year variations in the tax levels of income. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examinedyear-to-year variations in the tax levels of income. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examinedyear-to-year variations in the tax levels of income. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government.Partiallyexaminedyear-to-year variations in the tax levels of income. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examinedyear-to-year variations in the tax levels of income. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examinedyear-to-year variations in the tax levels of income. |
4e.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 examinevarious management discussion and analysis items of note. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examinedvarious management discussion and analysis items of note. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examinedvarious management discussion and analysis items of note. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government.Partiallyexaminedvarious management discussion and analysis items of note. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examinedvarious management discussion and analysis items of note. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examinedvarious management discussion and analysis items of note. |
4f.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 information about the general fund. Weight: 5% | Did not submit or incompletely analyzedthe sources of revenue on the selected local government. Did not submit or incompletely included information on both governmental and business-type activities of the government. Did not submit or incompletely examined information about the general fund. | Insufficiently analyzedthe sources of revenue on the selected local government. Insufficiently included information on both governmental and business-type activities of the government. Insufficiently examined information about the general fund. | Partially analyzedthe sources of revenue on the selected local government. Partially included information on both governmental and business-type activities of the government.Partiallyexamined information about the general fund. | Satisfactorily analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Satisfactorily examined information about the general fund. | Thoroughly analyzedthe sources of revenue on the selected local government. Satisfactorily included information on both governmental and business-type activities of the government. Thoroughly examined information about the general fund. |
5. Clarity, writing mechanics, and formatting requirements Weight: 10% | More than 8 errors present | 7-8 errors present | 5-6 errors present | 3-4 errors present | 0-2 errors present |
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