Select a Comprehensive Annual Financial Report (CAFR) from your favorite state or local governmental agency which...

Select a Comprehensive Annual Financial Report (CAFR) from your favorite state or local governmental agency which MARYLAND . Be sure to state which state or local governmental agency you are analyzing. Analyze the CAFR that you selected. Prepare a report in your own words analyzing and explaining the following:

1. Discuss what the main sections of the report are.

2. Discuss the introductory section of the CAFR: a. Explain whether or not the CAFR has a certificate of achievement of excellent in financial reporting b. Explain the key issues addressed in the letter of transmittal.

3. Discuss the budget-to-actual comparisons of the major funds. a. Explain the accounting basis used to prepare its annual operating budget. b. Explain whether the actual amounts are on a GAAP or a budgetary basis.

Solutions

Expert Solution

1. CAFR is presented in three sections,

1. Introductory Section includes transmittal letter.

2. Financial Section includes the independent auditor's report and contains management's discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.

3. Statistical Section includes additional financial, economic, and demographic information.

2. Introductory section includes transmittal letter, organizational chart, Roster of officials, consultants, independent auditors and advisors.

Yes, the annual report was awarded a certificate of excellence in financial reporting

The key issues addressed in the letter of transmittal include an overview of Maryland’s city government and economic conditions and forecast. The report covers major topics like the pride initiative to become the best-managed city in the USA, achieving energy efficiency, financial policies, and budgetary control and internal control audit features

3. CAFR should be presented on the basis of actual amount, budgeted amount GAAP

Yes the statement include a reconciliation of difference between GAAP and budgetary amount

ekkarill92 answered 1 year ago

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