Select a local government in your state and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least th

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Select a local government in your state and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least three funds.

Write a three to four (3-4) page paper in which you: <DOUBLE SPACED>

  1. Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB.
  2. Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds.
  3. Evaluate management’s discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements.
  4. Determine whether the entity’s financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements.

Select a local government in your state and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least th
Assignment 1: Financial Statement / Audit Report Review Due Week 8 and worth 100 points Select a local government in your state and review the financial statements and audit report for the county or municipality. The financial statements of the government selected should have at least three funds. Write a three to four (3-4) page paper in which you: Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Evaluate management’s discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements. Determine whether the entity’s financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA 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. The specific course learning outcomes associated with this assignment are: Evaluate the financial reporting of state and local governments and assess the reporting requirements in accordance with governmental accounting standards board (GASB). Use technology and information resources to research issues in government and not-for-profit accounting. Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric. Points: 100 Assignment: Financial Statement / Audit Report Review Criteria Unacceptable Below 60% F Meets Minimum Expectations 60-69% D Fair 70-79% C Proficient 80-89% B Exemplary 90-100% A 1. Analyze the method of accounting used for the general fund and all other funds in existence by the government. Evaluate the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Weight: 20% Did not submit or incompletely analyzed the method of accounting used for the general fund and all other funds in existence by the government. Did not submit or incompletely evaluated the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Insufficiently analyzed the method of accounting used for the general fund and all other funds in existence by the government. Insufficiently evaluated the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Partially analyzed the method of accounting used for the general fund and all other funds in existence by the government. Partially evaluated the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Satisfactorily analyzed the method of accounting used for the general fund and all other funds in existence by the government. Satisfactorily evaluated the reasoning for the use of the method of accounting for each of the funds as required by GAASB. Thoroughly analyzed the method of accounting used for the general fund and all other funds in existence by the government. Thoroughly evaluated the reasoning for the use of the method of accounting for each of the funds as required by GAASB. 2. Assess the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Weight: 20% Did not submit or incompletely assessed the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Insufficiently assessed the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Partially assessed the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Satisfactorily assessed the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. Thoroughly assessed the application and compliance of GASB Statement 34, Basic Financial Statements and Management Decisions and Analysis for State and Local Governments to each of the funds. 3. Evaluate management’s discussion and analysis (MD&A). In your evaluation, analyze the significant information in the MD&A and how the information contributed to the clarity of the financial statements. From your analysis of financial statements, identify and analyze information that should be included in the statements. Weight: 25% Did not submit or incompletely evaluated management’s discussion and analysis (MD&A). Insufficiently evaluated management’s discussion and analysis (MD&A). Partially evaluated management’s discussion and analysis (MD&A). Satisfactorily evaluated management’s discussion and analysis (MD&A). Thoroughly evaluated management’s discussion and analysis (MD&A). 4. Determine whether the entity’s financial position improved or deteriorated during the reporting period. Speculate on the causes from your review of the financial statements. Weight: 25% Did not submit or incompletely determined whether the entity’s financial position improved or deteriorated during the reporting period. Did not submit or incompletely speculated on the causes from your review of the financial statements. Insufficiently determined whether the entity’s financial position improved or deteriorated during the reporting period. Insufficiently speculated on the causes from your review of the financial statements. Partially determined whether the entity’s financial position improved or deteriorated during the reporting period. Partially speculated on the causes from your review of the financial statements. Satisfactorily determined whether the entity’s financial position improved or deteriorated during the reporting period. Satisfactorily speculated on the causes from your review of the financial statements. Thoroughly determined whether the entity’s financial position improved or deteriorated during the reporting period. Thoroughly speculated on the causes from your review of the financial statements. 5. Clarity, writing mechanics, and formatting requirements Weight: 10% More than 8 errors present 7-8 errors present 5-6 errors present 3-4 errors present 0-2 errors present

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