CAFR ASSIGNMENT.docx - Running head CAFR CORPORATION 1 CAFR CORPORATION[Insert Name[Institutional Affiliation CAFR CORPORATION 2 Brief Report on Needs

CAFR ASSIGNMENT.docx - Running head CAFR CORPORATION 1 CAFR...

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Running head: CAFR CORPORATION 1 CAFR CORPORATION [Insert Name] [Institutional Affiliation]
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CAFR CORPORATION 2 Brief Report on Needs of Users of CAFR Administrators are able to use this report to evaluate performance of the city. CAFR has enabled administrators obtain information they need to decide on appropriate programs as a government that can be offered to citizens based on the analysis. Members of legislative branch have been enabled to execute their control functions on the government activities by using comprehensive operational information and analysis presented in this report. Interested residents are also relying on the information in this report to evaluate the city’s performance and decide on whether to elect the leaders back or not. They also ascertain how the taxes they pay to the city are used. Creditors or potential creditors use the CAFR to assess the performance of the city and its ability to settle its creditors. The detailed financial information on the city in the CAFR enables creditors and potential creditors achieve this objective. 1–16 Examine the CAFR. Introductory Section What has the city included in the introductory section of its CAFR? The city has included letter of Transmittal, GFOA Certificate of Achievement, organizational chart and List of Elected Officials and Administration. The letter of transmittal has covered management responsibility on data accuracy, completeness and fairness of presentation and all disclosures .It has also included management responsibility in establishing and maintaining internal control structure to safeguard assets of the city and ensuring adequate accounting data is compiled for preparation of financial statements in conformity with GAAPS .Again the letter covers statute audit requirements. The letter is said to be designed to complement MD&A and
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CAFR CORPORATION 3 should be read in conjunction with it. The letter also gives a brief on the profile of the city government, its local economy, centennial celebration, convention center renovation, infrastructure e, and budgeting and debt administration. GFOA certificate of achievement come under Awards and Acknowledgements where The Government Finance Officers Association (GFOA) of US and Canada awarded certificate of excellence in financial reporting to the city for its CAFR for the fiscal year ended September 30, 2014 valid for one year only .The city also received Distinguished Budget Presentation award for its annual budget for the fiscal year beginning October1, 2014. (CAFR, pp.1-6)
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