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3 pages/β‰ˆ825 words
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APA
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Accounting, Finance, SPSS
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Essay
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English (U.S.)
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Financial Reporting Review of Local Government

Essay Instructions:

WEEK 4 - ASSIGNMENT: FINANCIAL REPORTING REVIEW OF LOCAL GOVERNMENT
Week 4 - Assignment: Financial Reporting Review of Local Government
Overview
The Governmental Accounting Standards Board (GASB) has established accountability as the cornerstone of financial reporting for governments. Accountability, as defined by GASB, includes budgetary and fiscal compliance. In this assignment, you will explore a local government's Comprehensive Annual Financial Report (CAFR) for the elements of the CAFR and how those elements are incorporated by a local government.
Your professor will assign a local government CAFR that is similar to the CAFR presented in your textbook.
Instructions
Write a 3–5 page paper in which you do the following:
Compare and contrast the CAFRs in three categories:
Publication method.
The existence or non-existence of an internal audit function.
At least two key features of the external audit information.
Compare both the internal and external audit information presented.
Include the publication method of the CAFR for the assigned local government entity with the governmental entity being used for your Continuing problem.
Analyze each of the three sections of the assigned local government CAFR using the questions presented in Chapter 2 Continuing Problem as a basis:
The CAFR includes statements that combine and report on the government’s activities from both a government-wide and a fund perspective.
The CAFR is divided into three sections – introduction, financial, and statistical.
Using the assigned local government CAFR, analyze each of these sections using the questions presented in the Chapter 2 Continuing problem as a basis.
Analyze the local government methods used in the preparation of the Budget-to-Actual reports in the CAFR, including the basis of accounting used, significant variances, and other local government financial-related legal or contractual requirements.
The Budget-to-Actual reports in the CAFR are the foundation of evaluating budgetary compliance.
Analyze the local government CAFR, identifying at least three primary revenue sources from both governmental and enterprise funds. In your analysis, include:
Revenue rates.
Revenue trends.
Whether the delay remains in the recognition of revenue.
The statistical section is a good source of rate and trend information.
Use at least three quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
Produce writing that contains accurate grammar, mechanics, and spelling in accordance with SWS style.

Essay Sample Content Preview:
Financial Reporting Review of Local Government
Publication Method
The CAFRs in this assignment was published using two different methods of presentation: narrative and presentation-oriented format.
Narrative Format:
The Town of Cary's CAFR is presented in narrative format. This format is used to provide a detailed overview of the financial activities of the Town. The narrative format is organized into seven sections, which provide information about the Town's financial position, financing activities, and financial performance. The main focus of the narrative format is on providing readers with a detailed overview of the Town's financial operations.
Presentation-Oriented Format:
The Town of Cary's CAFR was also published in presentation-oriented format. This format is used to present key financial information in a visually appealing way. The presentation-oriented format is divided into five sections, which provide information about the Town's financial position, financing activities, investments, liquidity, and cash and investments ("ACC410 Week 1, Lecture 2", 2022). The presentation-oriented format provides readers with a concise overview of the key financial data of the Town.
The Existence or non-existence of an internal audit function:
The Town of Cary's CAFR does not mention an internal audit function. Therefore, we can conclude that internal audit is non-existent in the Town of Cary.
At least two key features of the external audit information:
The report includes an unmodified opinion on the Town's financial statements. The TOWN OF CARY CAFR includes information on the financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) ("ACC410 Week 1, Lecture 2", 2022). The financial statements present the Town's financial position, results of operations, cash flows, and investments. In addition, the external report provides a guide to the Town's financial condition and activities. It covers the Town's fin financial history, budget, financial resources and obligations, and long-term debt.
An Analysis of the local government CAFR
Budget-to-Actual reports are prepared to allow for comparisons of budgetary estimates provided to the General Assembly with actual appropriations and expenditures. The comparisons are made on an accrual basis, which means that all revenues and expenses are recognized in the period they are earned or incurred (Weinberg & Norcross, 2017). Significant variances analysis provides a quantitative analysis of variances between budgetary estimates and actual appropriations and expenditures. It provides a relative measure of how much a particular budgetary activity or program changed from the year before to the year analyzed. Other legal or contractual requirements refer to any external legal or contractual provisions that a government must adhere to in order to maintain its financial accountability. Based on the analysis of the Budget-to-Actual reports, it can be determined that the local government used the accrual acc...
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