Auditor General, Frank Mautino published the audit report. In his speech The states the net position of governmental activities for the fiscal year 2019 eroded by $4 billion, pushing the deficit up to a negative $193.1 billion from $189.1 billion, according to the audit of the states comprehensive annual financial results for the fiscal year ending June 30, 2019. The fiscal year 2019 CAFR reveals continuing underlying financial weaknesses which significantly impact the states overall fiscal health in regards to deferred liabilities, ongoing operational concerns related to cash management and long-term concerns related to pension and other post-employment obligations,-the CAFR reads.

Required:

a) What does it mean by CAFR? What are the objectives of preparing CAFR? Explain the process of preparing CAFR.

b) Download any one CAFR of your choice and write a detailed report on the main sections of the CAFR. Also, explain the detailed funds maintained by the entity and combining statements. Give proper referencing