The Comprehensive Annual Financial Report (CAFR) is a thorough and detailed presentation of the annual financial statement of a U.S. governmental entity. The CAFR is prepared under the accounting and reporting standards outlined by the Government Accounting Standards Board (GASB). It is an audited report. The CAFR has four parts:
1. Governmental Funds
2. Propriety Funds
3. Fiduciary Funds
4. Component Units
The financial section of the CAFR must include an independent auditor’s report on the fair presentation of the financial statements. The auditor must have performed the audit in accordance with either generally accepted auditing standards (GAAS) or generally accepted government auditing standards (GAGAS) as set forth in the Government Accountability
1. Governmental Funds
2. Propriety Funds
3. Fiduciary Funds
4. Component Units
The financial section of the CAFR must include an independent auditor’s report on the fair presentation of the financial statements. The auditor must have performed the audit in accordance with either generally accepted auditing standards (GAAS) or generally accepted government auditing standards (GAGAS) as set forth in the Government Accountability