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(1) Audit Report. Are the financial statements in the report audited by an independent CPA, state
auditors, or auditors employed by the government being audited? Does the auditor indicate who
is responsible for preparing the financial statements? Does the auditor express an opinion that the
statements are "in accordance with gencrally accepted accounting principles applicable to
governmental entities in the United States" or some other phrase? Is the opinion qualified in
some manner, disclaimed, or adverse? Does the auditor indicate that the opinion covers the basic
financial statements or that plus combining statements? (2) Basic Financial Statements. Does the
CAFR contain the two governmentwide financial statements and seven fund statements and
required reconciliation? (3) Notes to the Financial Statements. How many notes follow the
required basic financial statements? Is there a phrase at the bottom of the basic financial
statements indicating that the notes are an integral part of the financial statements? (4) Individual
Fund and Combining Statements. Following the notes to the financial statements, does the CAFR
provide combining and individual fund statements? Do these combining statements aggregate all
the funds of a given fund type or all the nonmajor funds? (5) Management's Discussion and
Analysis (MD&A). Does the CAFR contain an MD&A? If so, where is it located and what type
of information does it contain?

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