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beginning October1, 2014. (CAFR, pp.1-6)Does it include the items identified in the section of the text titled “Comprehensive Annual Financial Report”?It does not include this section of the reportFinancial Section.Audit Report.Are the financial statements in the report audited by an independent CPA, state auditors, or auditors employed by the government being audited?The financial statements are audited by independent CPA, Independent Member Crowe Horwath International.
CAFR CORPORATION4Has the city received an unmodified audit report?The city has received unmodified report. Using their reports and reports of other auditors, the financial statements in the auditors’ opinion present fairly in all material aspects (CAFR, pp.10)Basic Financial Statements Does the CAFR contain both government-wide financial statements and fund statements?The CAFR contains both government wide financial statements and fund statements.How many financial statements have been included as part of the basic financial statements section of the CAFR?Two financial statements i.e. government wide financial statements and fund financial statements.Notes to the Financial Statements.How many notes follow the required basic financial statements?19 notes follow the basic financial statements.Is there a phrase at the bottom of the basic financial statements indicating that the notes are an integral part of the financial statements?Yes there is.Other Supplementary Information.
CAFR CORPORATION5Following the notes to the financial statements, does the CAFR provide other supplementary information, such as combining and individual fund statements?It does provide such information (CAFR, pp.115-116)Management's Discussion and Analysis (MD&A)Does the CAFR contain an MD&A? If so, where is it located and what type of information does it contain?CAFR contains an MD&A. It is located below auditor’s report and it contains financial highlights and an overview of financial statements.Statistical Tables.What information has been included in this section of the CAFR?Financial trends, revenue capacity, debt capacity, demographic and economic information and operating information.2–14 Examine the CAFR. Utilizing the CAFR obtained for Exercise/Problem 1–16, examine the financial statements included in the financial section and answer the following questions.