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Essay Available:
Pages:
1 page/≈275 words
Sources:
1 Source
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
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Topic:

Comprehensive Annual Financial Report: City of Auburn

Essay Instructions:

First, search the internet for the official website of your local city government - auburnmaine.gov . After reviewing the website, locate the latest comprehensive annual financial report (CAFR) available on the website. For example, both the City of Sacramento and the City of Phoenix have their most recent CAFRs online within an accounting/financial section. Use the financial statements you locate to address the following questions:
How does the audit opinion given to this city by its independent auditors differ from the audit opinion rendered on the financial statements of a for-profit business?
A reconciliation should be presented to explain the difference between the net changes in fund balances for the governmental funds (fund financial statements) and the change in net position for the governmental activities (government-wide financial statements). What were several of the largest reasons for the difference?
Did the CAFR contain all required components, and what was your impression of how the information was reported?
What are some significant differences you see between the report you just reviewed and a for-profit statement?

Essay Sample Content Preview:

Comprehensive Annual Financial Report: City of Auburn
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Comprehensive Annual Financial Report: City of Auburn
The Comprehensive Annual Financial Report (CAFR) is a set of financial statements reporting the state's financial standing. Each financial year's operations and balances are reported on the annual report (Kravchuk, 2021). The introduction section, the financial section, and the statistics section make up the three segments that make up the CAFR. The independent auditor's report for the City of Auburn, Maine, FL CAFR for the financial year ended June 30, 2022, was produced by Insero & Co. CPAs, LLP. The fact that the City of Auburn's financial review was organized to comply with the Government Auditing Standards (GAS), whereas for-profit audits were conducted in line with the standards established by the Generally Accepted Auditing Standards (GAAS), is one distinction between the audit opinion provided to the city and the audit opinion stated on the financial statement of a for-profit business. Although the two audit standards are comparable, the guidelines or requirements that independent auditors must adhere to are somewhat dissimilar. The requirements for state and local government organizations, which the Federal Accounting Requirements Advisory Board gove...
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