Comprehensive Annual Financial Reports (CAFR), ending June 30, 2015 for the city of Pico Rivera

Comprehensive Annual Financial Reports (CAFR), ending June 30, 2015 for the city of Pico RiveraThis assignment is a review of the “Comprehensive Annual Financial Reports” (CAFR), ending June 30, 2015 for the city of Pico Rivera. The report is also referred to, in layman term, as the annual audit. The CAFR is located on the city’s website. You will need to refer to FY 2014-14 adopted budget to answer these questions. The FY 2015-16 CAFR has not been posted.1. When was the CAFR transmitted to theCity Council?2. Name of the auditing firm.3. How long has the auditing firm been undercontract with the city?4. Name the main accounting principleapplied by the auditors in the report.5. Did the CAFR contain a glossarysection of terms?6. Did the report include a “Transmittal Letter”from the city manager?7. Did the letter provide, for you, a clear pictureof the city’s FY 14-15 financial status?8. What was stated in the letterregarding the status of their pensions?9. Summarize the “managementresponsibility” as stated in CAFR.(Report’s Financial Section)10. What is the role of the auditors?(Financial Section)11. Compare projected revenues and expenditures as stated in the adopted budget to whatare reported in the audit? Show the numbers as “Budget/Audit”.12. Do the same as in 11 for:Property taxesSales TaxesUtility Tax13. Based on #11/12, how accurate wasstaff in projecting revenues and expenditures?(Your opinion)14. What was the General Fund balance asof June 30, 2015?15. 18. And finally, what was the auditors’ Opinion of the financial systems for the city?