Inancial Statement / Audit Report Review

Financial Statement / Audit Report Review

Select one (1) local government in Maryland and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment.

Write a three to five (3-5) page paper in which you:

1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include:

a.Publication method of the CAFR

b.Audit and budget information in the CAFR

c.The type of audit report issued

d.Existence or non-existence 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 city of Austini??s CAFR from chapter 2.

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 on 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

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

f.Information about the general fund

The assignment must follow these formatting requirements:

i??Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

i??Include a cover page containing the title of the assignment, the studenti??s name, the professori??s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

Inancial Statement / Audit Report Review

Select a local government in the state of MD and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least three funds.

Write a three to four (3-4) page paper in which you:

1. Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB.

2. Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds.

3. Evaluate managementas discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements.

4. Determine whether the entityas financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements.

The assignment must follow these formatting requirements:
i ·
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
i ·
Include a cover page containing the title of the assignment, the studentas name, the professoras name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

Inancial Statement / Audit Report Review

Select a local government in Virginia and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least three funds.

Write a three page paper in which you:
Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB.
Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds.
Evaluate managementas discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements.
Determine whether the entityas financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements.