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4 pages/β‰ˆ1100 words
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APA
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Accounting, Finance, SPSS
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English (U.S.)
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Financial Statement / Audit Report Review: Palm Beach City

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Assignment 1: Financial Statement / Audit Report Review
Select one (1) local government in your state or area 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 government entity identified 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 continuing problem 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
Your assignment must follow these formatting requirements:
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.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Evaluate the financial reporting of state and local governments and assess the reporting requirements in accordance with governmental accounting standards board (GASB). 
Analyze governmental activities related to expenditures and expenses.
Use technology and information resources to research issues in government and not-for-profit accounting.
Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics.

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Financial Statement / Audit Report Review: Palm Beach City
Name
Institution
Financial Statement / Audit Report Review: Palm Beach City
Comparison of CAFR of Palm Beach City and City of Miami
Every state in the United States is required to prepare a comprehensive annual financial report (CAFR) to describe and account for taxpayers' funds. GASB (The Governmental Accounting Standards Board) is in charge of setting standards and requirements that must be met by all entities preparing CAFR (GASB, n.d.). This section compares and contrasts the CAFR of the City of Miami with that of Palm Beach City. The reason for comparison is to establish the adherence to GASB requirements. The comparison in this section focuses on four main areas which are. The publication method of the CAFR for the city of Miami and Palm Beach County, audit and budget information used in the CAFR, the type of audit report issued from auditors, and the existence or non-existence internal audit functions within the two entities under comparison.
Publication Method of the CAFR for Palm Beach City Vs. the City of Miami
The publication method of the Palm Beach City CAFR is similar to that of the city of Miami. Both reports are published and addressed to the residents, the Mayor, and the Members of the Board of County Commissioner. The only difference is that while the CAFR for the City of Miami was published as a paper, the CAFR for the city of Palm Beach was released as a report addressing all citizens and leaders in the government entity.
Additionally, the two CAFR reports adhered to the standards set by GASB. Both reports have three leading sections. The introductory chapter of CAFR provides an overview of elected and administrative officials, the financial section which provides the analysis and financial performance of the governmental entity during the year and an end of year financial position and the statistical section which contains historical and current information pertaining to the city's demographics, economics, and the information financial statements. This implies that the two reports were prepared following the GASB requirements. According to GASB (n.d.), the uniformity standards help the entity avoid ambiguity in the report of federal funding.
Audit and budget information in the CAFR
Both reports were prepared under the GASB standards. The reports provide detailed information on financial statements together with information on external auditors. Both CAFR reports have comprehensive the information about the audit and budget for the governmental entities. The CAFR for the City of Miami has the external independent auditor’s section, just like the one present in the CAFR for Palm Beach County report. The audit of the City of Miami, however, indicated a net deficit for the previous financial year (2015), something that was not present in the CAFR in Palm Beach County. Furthermore, the CAFR from Palm Beach County indicates audit information from the internal auditor in addition to that of the independent external auditor.
The Type of Audit Report Issued
In both CAFR, the independent auditors provided clean audit reports explaining that the governmental entities accounted for all the funds in their jurisdiction. The reaso...
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