Question

1–17.
Examine the CAFR. (LO1-4) Download a copy of the most recent comprehensive annual financial report (CAFR) for a city of your choice. Many cities with 25,000 or more population provide Internet access to their CAFRs.* Familiarize yourself with the city’s CAFR and reread the section in this chapter titled “Financial Reporting of State and Local Governments.” Be prepared to discuss in class the items suggested below.

    Introductory Section.

    What has the city included in the introductory section of its CAFR? Does it include the items identified in the section of the text titled “Comprehensive Annual Financial Report”?

    Financial Section.
        (1)
        Audit Report. Are the financial statements in the report audited by an independent CPA, state auditors, or auditors employed by the government being audited? Does the audit indicate that the financial statements were prepared in accordance with GAAP? Has the city received an unmodified audit report?
        (2)
        Basic Financial Statements. Does the CAFR contain both government-wide financial statements and fund statements? How many financial statements have been included as part of the basic financial statements section of the CAFR?
        (3)
        Notes to the Financial Statements. How many notes follow the required basic financial statements? Is there a phrase at the bottom of the basic financial statements indicating that the notes are an integral part of the financial statements?
        (4)
        Other Supplementary Information. Following the notes to the financial statements, does the CAFR provide other supplementary information, such as combining and individual fund statements?
        (5)
        Management’s Discussion and Analysis (MD&A). Does the CAFR contain an MD&A? If so, where is it located and what type of information does it contain?

    Statistical Tables.

    What information has been included in this section of the CAFR?

Answer 1

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