Comprehensive Annual Financial Report: Talbot County

Decent Essays
C.A.F.R stands for Comprehensive Annual Financial Report and is used by the United States government means to check the fiscal position of a state, municipal or any government entity. The report must comply with the accounting standards, that is, G.A.A.P (Generally Accepted Accounting Principles) which are promoted by the G.A.S.B.
The entity I choose is the Talbot County in Maryland, which is a government entity; its report is composed of 125 pages, which clearly show the financial position of the county. The report is divided into three sections; the introductory section, the financial section and lastly the statistical section. The introductory section gives us an overview about what to expect for the fiscal year, it goes on to assure the
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The report goes on to tell us about the various bodies, which have validated the figures that are in the documents; it has followed all the procedures undertaken. A normal financial report is supposed to go through several authorized bodies before it is presented to the final organization that is G.A.S.B. The report also details the location of the county, its establishment date, the number of towns under its care and their locations. The organization of the government of the county is also described, which is a way of displaying the bureaucratic order within the county, the electing period of the legislative among others. (Granof, 2011) The services provided by the county government are also listed these services help improve the welfare of the residents of the county and in the end reduce the gap between the rich and the poor. The budget allocation process is also depicted, the person in charge who is the county manager and supervision of the county council. The procedures for submission of requests during the budget making are also explained. The introduction goes on to list the factors that determine the financial position of the county, being aware of such factors enable the budgetary committees to know their adversaries. (Ruppel,…show more content…
The auditor acknowledges that they did not perform an audit the Board of Education financial statements. The auditing body approves their work as being above par and how they achieve their objective of understanding the financial statements of the county. The auditor also provides an overview of the contents they have included in the final report. They also display strict adherence to the regulations set by the GASB. (Granof, 2011)
The entity in question did not receive an opinion from the audit firm this is because they are provided with few procedures, which do not suffice to provide assurance about the statements. (Fischer, et, al, 2012)Although the audit firm is supposed to come up with opinions concerning the financial position of the county, the G.A.S.B provides limited procedures for the audit firm to manipulate. (Ruppel,
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