• Review the financial statements and audit reports for a local county or municipality of your choice.
• The financial statements of the government you selected should have at least three funds.

Instructions

Write following:

• Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the selected local government entity with the government entity identified in the Week 1 homework.
  • In your comparison, include the following:
    • The publication method of the CAFR.
    • Audit and budget information in the CAFR.
    • The type of audit report issued.
    • The existence or nonexistence of an internal audit function within the government entity.
• Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the Continuing Problem CAFR from Chapter 2.
• Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports.
• Include in your analysis an evaluation of the basis of accounting used for the budget and financial statements.
• Analyze the sources of revenue for the selected local government.
• Include information on both governmental and business-type activities, examining:
  • Information about the general fund.
  • Various management discussion and analysis items of note.
  • Year-to-year variations in the tax levels of income.
  • Deferred revenue.
  • Property taxes and how they are accounted for other sources identified as primary revenue for the entity.