Week 41

School: Kennesaw State University - Course: ACC 410 - Subject: Accounting

FINANCIAL REPORTING REVIEW OF LOCAL GOVERNMENT1 Week 4 - Assignment: Financial Reporting Review of Local Government Jenna Paz ACC 410 Strayer University

FINANCIAL REPORTING REVIEW OF LOCAL GOVERNMENT2 Introduction Every state, locality and municipal are meant to prepare the CAFR to show how they have spent budgeted money and expenditure they have had. It should be known that CAFR is a set of governmental financial statements that must comply with the accounting requirements promulgated by the GASB (Granof, Khumawala, Smith, & Calabrese, 2016). The complication of the CAFR should be standardized to avoid ambiguity in the report of government funding. The CAFR has three section that starts with introductory, Financial and statistical. It also combines the financial information of enterprise authorities and funding accounting (Granof, Khumawala, Smith, & Calabrese, 2016). The paper assesses CAFR of the city of Austin would include publication method, audit and budget information and type of audit report in addition to non-existence or existence of internal audit function. Compare and contrast the CAFRs in three categories: Publication method. The City of Austin adopted a comprehensive set of Financial Policies to ensure that the City's financial resources are managed in a prudent manner and to provide a foundation for financial sustainability. Compliance with these policies is reviewed annually as part of the budget process. The policies and results of the review are published in the Approved Budget document. The publication is in compliance with the GASB standards where it has three sections. The first section introduces the CAFR with a message from the leaders of the county and municipal respectively. However, they are minor differences in the presentation of the financial statement.