Acc 410 Assignment 1

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Government and Not-for-Profit (ACC410007VA016-1202-001): Update on WK 4 Assignment 1

Dr. JAMES TURKVANT - [email protected] <[email protected]> Wed 1/29/2020 5:12 PM

Initially, you were suppose to use the CAFR in chapter 1 for the City of Austin, TX as a base for your comparison, see below:

Accompanying this text, on its website, is a Comprehensive Annual Financial Report (CAFR) of the city of Austin, Texas. A CAFR includes an entity's year‐end financial statements; it is not the same as its budget. Austin's CAFR forms the basis of the “continuing problems” of these chapters. Download the CAFR, either from the website of the text or directly from that of the City of Austin (https://assets.austintexas.gov/financeonline/downloads/cafr/cafr2017.pdf) to your computer and practice navigating through it. Alternatively, with the consent of your instructor, you may obtain the CAFR of a different city, town, or county with a population of 100,000 or more. A CAFR can generally be accessed from the city's website or by writing to the governmental entity's controller or finance director. Most institutions will provide the reports at no charge. This continuing problem, unlike those in other chapters of the text, requires no written responses.

Assignment 1

Select one 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 funds. Refer to the Continuing Problem homework for Weeks 1 through 3 for this assignment.

Write a three- to five-page paper in which you do the following:

1. Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the selected local government entity with the government entity identified in the Week 1 homework. In your comparison, include the following:

1. The publication method of the CAFR; 2. Audit and budget information in the CAFR; 3. The type of audit report issued; and 4. The existence or nonexistence 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 for 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 the following:

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1. Property taxes and how they are accounted for; 2. Other sources identified as primary revenue for the entity; 3. Deferred revenue; 4. Year-to-year variations in the tax levels of income; 5. Various management discussion and analysis items of note; and 6. Information about the general fund.

Your assignment must follow these formatting requirements:

This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

Be typed, double-spaced, using Times New Roman font (size 12), with 1-inch margins on all sides; citations and references must follow SWS 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.