PLEASE USE THE LINK DOWN BELOW
Find the CAFR for the City of Miami, Florida for the year ended September 30th, 2016. The link for this CAFR can be found in this module. Note – this is not Miami Beach, Fl.
(1) Was the entity’s annual report for the previous year awarded a “certificate of achievement for excellence in financial reporting” by the GFOA?
(2) Which public accounting firm audited the financial statements?
(3) How many Governmental Funds are presented as major funds on the financial statements (even if they did not technically meet the major fund criteria)?
(4) What is the total assets amount (in thousands) on the Governmental Funds balance sheet (include both major and non-major funds)?
(5) For Governmental Funds, what activity accounted for the largest source of revenue (found on the “Statement of Revenues, Expenditures and Changes in Fund Balance”)?
(6) Are any special revenue funds categorized as major Governmental Funds?
(7) How many Governmental Funds in total (major and non major) does the city maintain?
(8) Does the city have any permanent funds?
(9) Who was the largest employer of the entity?
(10) What was the Total Fund Balance on the Governmental Funds Balance Sheet (This is the sum of nonspendable, restricted, committed, assigned, and unassigned fund balances)?Review: WEEK 2 RESOURCES
Return to http://www.ofm.wa.gov/cafr to explore your CAFR and review the introductory section..
The items you will find are:
· Letter of Transmittal
· Certificate of Achievement for Excellence in Financial Reporting
· Statewide Elected Officials as of June 30, 2015
· 2015 State Organization Chart
Most government entities at the state and local level use a June 30 Fiscal Year End (FYE). This compares to the Federal Government which uses a September 30 FYE. As you proceed with your review you should notice the fiscal year end and the auditors’ report as the CAFR is an audited financial statement package.
Budgeting and Control
Chapter 20 – Internal Control and Auditing http://www.ofm.wa.gov/policy/20.htm
When you arrive at the above web site, first review the structure of the material, noting the sections and description. Then open the entire Chapter 20 (PDF Version). You now have a 20 page document, with the state seal. Chapter 20 – Internal Control and Auditing … 20.10.10, The purpose of this chapter. On page 3 you learn the purpose of the chapter. As you review the following pages you will see the relationship of the document to the auditing function. We will cover the concept of the single audit for entities receiving federal funding. For our example government entity, return to the web page http://www.ofm.wa.gov/cafr/.
The link in the far right column “Single Audit” leads to the web page http://www.ofm.wa.gov/singleaudit/default.asp. As you review this web page you learn more about the Single Audit, with its three sections. To access the most recent Federal Circulars and information about the Single Audit explore the web page and a link to the Federal Government web page for the A-133. The process of the Single Audit seeks to explore and report on Government Fund Management issues for the grantee (who receives the funds). The grantor (who issues the funds) requires the Single Audit for grantees who receive Federal funds. We will return to the topic of the Single Audit in week 7 but as you explore information for the Government Entity you select for your CAFR project, and your not for profit entity for your NFP project, access the single audit as may be presented. Smaller not for profit entities may not have a single audit. Many government entities will present their single audit as you see at our sample CAFR page http://www.ofm.wa.gov/cafr.
To learn more about the management of Federal funds, access information on the Single Audit at Federal Financial Management Circulars at https://www.whitehouse.gov/omb/information-for-agencies/circulars/#financial.
To explore the financial manual for a government entity, we will study the following document: at the web site https://www.k12.wa.us/policy-funding/school-apportionment/instructions-and-tools/accounting-manual. You will open a 594 page pdf file. Turn to the Table of Contents to begin our study of financial transactions, recor
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