The Governmental Accounting Standards Board (GASB) has established accountability as the cornerstone of financial reporting for governments. Accountability, as defined by GASB, includes budgetary and fiscal compliance. In this assignment, you will explore a local government’s Annual Comprehensive Financial Report (ACFR) for the elements of the ACFR and how those elements are incorporated by a local government. Using the ACFR for the County of Fairfax Virginia – Ended in the Fiscal Year of June 30, 2022
Link: https://www.fairfaxcounty.gov/finance/sites/finance/files/assets/documents/pdf/financial-reports/fy2022-annual-comprehensive-financial-report.pdf
Instructions: Address the following:
1. Analyze the local government ACFR for the types of budgets the local government maintains. Provide at least three different budget types maintained by the local government and an example of what each controls.
2. Analyze the Management Discussion and Analysis for at least three assertions made by management as to their budgetary and fiscal compliance. Provide an example of each of the three assertions you analyzed.
3. Analyze the Budget-to-Actual reports in the local government ACFR for at least three indications of budgetary and fiscal compliance, such as significant or non-significant variances. Provide the implication for the local government of each of the three indications.
4. Analyze the local government ACFR for at least three local government finance-related legal or contractual requirements. Provide an example of each of the three requirements.
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