Consumer Annual Financial Report - Accounting - Assignment

3855 words - 16 pages

ACC 460-1/560-1/ SP19
CAFR Project

1. Describe the municipality you chose and why you selected it. Include significant demographic and other characteristics in your discussion.
Wheaton, IL is a city located in DuPage County roughly twenty-five miles west of the City of Chicago and has a population of 53,373 as of 2017. I chose this city because I am currently a resident and thought it would be interesting to complete a project that involves my city of residence. The city of Wheaton is also the county seat in DuPage county, where many governmental buildings are located such as, the sheriffs office, hall of records, county courthouse, and correctional facilities.
2. What is the date of the fiscal year for the CAFR?
CAFR for the year ended April 30, 2018.
3. Examine the auditors report. Does the scope paragraph indicate exactly what is covered by the auditors opinion? If the auditor is expressing an opinion only on the basic financial statements, what responsibility is taken for the combining and individual fund statements? Is the opinion unmodified? If not, what are the qualifications?
Yes, the audit in this case covers the financial statements of governmental activities, business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund of the city. As for the combining and individual fund statements, the auditors report declares that while they may be the responsibility of management, they have still been subject to the auditing procedures applied in the audit of the financial statements and certain additional procedures. In the opinion of the auditor, the combining and individual fund statements and budgetary comparison schedules have been fairly stated, in all material respects relating to the basic financial statements as a whole. However, the introductory and statistical sections have not been subjected to the auditing process and the auditor does not provide an opinion or assurance on either of them.
4. List the major items of discussion in the letter of transmittal.
It began with a profile of the City of Wheaton followed by financial policies, factors affecting financial conditions, local economy, long-term financial planning, major initiatives, and lastly awards and acknowledgements.
5. Compare the items discussed in the MD&A in your CAFR with the list of items in this chapter. Which topics listed in chapter 2 are not in your CAFR? Which topics are in your CAFR that are not listed in this chapter? Do you think your CAFR has a reasonably complete discussion?
Based on my review of what was and was not covered, I found that each of the items required to be listed in the MD&A report from chapter two were all present in the City of Wheaton MD&A report which leads me to believe that they have a very reasonably complete discussion.
6. From the MD&A in your report, write a short summary of (1) the financial condition of your government, (2) a comparison of revenues compa...

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