Before answering the following questions, please review the the latest comprehensive annual financial report (CAFR) for New York State

• How does the audit opinion given to this city by its independent auditors differ from the audit opinion rendered on the financial statements of a for-profit business?
• A reconciliation should be presented to explain the difference between the net changes in fund balances for the governmental funds (fund financial statements) and the change in net position for the governmental activities (government-wide financial statements). What were several of the largest reasons for the difference?
• Did the CAFR contain all required components, and what was your impression of how the information was reported?
• What are some significant differences you see between the report you just reviewed and a for-profit statement?