Homework: Financial Statement/Audit Report Review
Write a 3 to 5 pages paper in which you do the following:
1) Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the selected local government entity with the government entity identified in the homework. In your comparison, include the following:
a. The publication method of the CAFR;
b. Audit and budget information in the CAFR;
c. The type of audit report issued; and
d. The existence or nonexistence of an internal audit function within the government entity.
2) 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.
3) Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements.
4) Analyze the sources of revenue for the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine the following:
a. Property taxes and how they are accounted for;
b. Other sources identified as primary revenue for the entity;
c. Deferred revenue;
d. Year-to-year variations in the tax levels of income;
e. Various management discussion and analysis items of note; and
f. Information about the general fund.
Required CAFRs -
The Town of Winston-Salem, NC's CAFR is the CAFR to use to compare to the Town of Cary, NC for this homework. The towns are similar in size and under the same state government, making the comparisons meaningful.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.