Audit Report Review – 600 words

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Select one (1)
local government Maryland 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 (3) funds.

1.Compare
and contrast the comprehensive annual financial report (CAFR) of the
selected local government entity with the city of Austin report ( https://assets.austintexas.gov/financeonline/downl…). In your comparison, include:

a.Publication method of the CAFR

b.Audit and budget information in the CAFR

c.The type of audit report issued

d.Existence or non-existence 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 city of Austin’s 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 on 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

a.Property taxes and how they are accounted for

b.Other sources identified as primary revenue for the entity

c.Deferred revenue

d.Year-to-year variations in the tax levels of income

e.Various management discussion and analysis items of note

f.Information about the general fund

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