Obtain a copy of a recent CAFR of a state or local government. Evaluate the contents of the CAFR based on Illustration 15-1. Include in your brief analysis your observations with respect to:

Introductory Section

Are the components required by the GASB present?

What other items are included?

Overall, how useful do you think this section is to the CAFR users?

Financial Section Auditor’s report

Compare it to the report of independent accountants in Illustration 15-2. How is it similar? How does it differ?

Do any aspects of the report differ from what you expected? Explain.

Basic Financial Statements

Are all required basic financial statements present? Do you observe any statements or statement items that differ from what you expected? Explain.

Regarding the notes to the financial statements: Compare the types of notes presented in the selected set of financial statements to those listed in Illustration 13-14. What notes are presented that are not listed in that illustration? What notes listed in Illustration 13-14 are not presented?

Combining and individual fund statements and schedules

Statements: Are all the required financial statements presented? Note the specific types of Special Revenue Funds, particularly any that differ from what you expect.

Schedules: What types of schedules are presented? Were any schedules presented to demonstrate legal compliance?

Statistical Section

Are all of the items listed in Illustration 15-1 present? What other informational presentations are included?

What do you find most interesting in the statistical section? What do you consider most useful to one attempting to understand the government?