1. The Governmental Accounting Standards Board (GASB) has established
accountability as
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.InstructionsWrite 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.