Continuing problem
Review the comprehensive annual financial report (CAFR) that you obtained for the city of Austin
- What are three main sections of the report?
- Review the introductory section of the CAFR
- Was the entity’s annual report of the previous year awarded a “certificate of achievement for excellence in financial reporting” by the Government Finance Officers Association? What is the significance of this award?
- What are the key issues addressed in the letter of transmittal?
- Review the financial section.
- Which if any, independent audit firm performed an audit of the CAFR?
- Did the entity receive an “unqualified “audit opinion? If not, why not?
- Does the report contain management’s discussion and analysis (MD&A)? If so, what are the key issues addressed?
- Does the report provide a reconciliation between total governmental net position per the
government-wide statement of net position and total governmental fund balances per the
governmental funds balance sheet? If so, what are the main reconciling items?
- What are the major governmental funds maintained by the entity? Does the entity’s fund structure conform to its organizational structure?
- Does the report include “required supplementary information?” If so, what are the main
areas addressed?
- Does the report include “combining statements?” If so, what is the nature of these statements?
- Does the report include other supplemental information? If so, what types of information are in this section of the report?
- Review the statistical section.
a. What is the population of the entity being reported on?
b. Who is the entity’s major employer?
- What types of information are included in the statistical section?
