Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment.
Write a three to five (3-5) page paper in which you:
1. Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the government entity identified from Week 1 homework. In your comparison, include:
a. Publication method of the CAFR
b. Audit and budget information in the CAFR
c. The type of audit report issued
d. Existence or non-existence of an internal audit function within the government entity
2. Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the continuing problem CAFR from chapter 2.
3. Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Your analysis should include an evaluation of the basis of accounting used for the budget and financial statements.
4 .Analyze the sources of revenue on the selected local government. Your analysis should include information on both governmental and business-type activities of the government. In your report, be sure to examine
a. Property taxes and how they are accounted for
b. Other sources identified as primary revenue for the entity
c. Deferred revenue
d. Year-to-year variations in the tax levels of income
e. Various management discussion and analysis items of note
f. Information about the general fund
Your assignment must follow these formatting requirements:
” Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
” Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
” Evaluate the financial reporting of state and local governments and assess the reporting requirements in accordance with governmental accounting standards board (GASB).
” Analyze governmental activities related to expenditures and expenses.
” Use technology and information resources to research issues in government and not-for-profit accounting.
” Write clearly and concisely about government and not-for-profit accounting using proper writing mechanics.
High Costs The retail part in Canada faces numerous costs the greater part of them coming about because of the expanded weight from the legislature for retailers to guarantee manageability in their exercises. Thus, overall revenues for retailers are little with information from 2015 demonstrating that retailers made only 2.3% benefit on their business (BDC, 2016). Subsequently, retailers in Canada are under the strain to discover cost decrease techniques that will empower them to appreciate conventional benefits. Fortifying of the Canadian Dollar As indicated by Smith (2018), conjectures show that the Canadian dollar will keep reinforcing against the US dollar all through 2018. Such a circumstance will negatively affect cross-fringe exchanges as items from Canada will appear to be more costly while those from the US will appear to be less expensive. Doorman's Five Forces for the Canadian Retail Industry Industry Rivalry Nguyen (2016) brings up that there is extremely extraordinary rivalry in the Canadian retail division. This opposition is ascribed to the way that a large portion of the known players have reexamined their physical stores with the end goal that they are presently all the more speaking to clients and furthermore, the greater part of them have presented online stores that empower them to reach significantly more clients. Notwithstanding the neighborhood rivalry, there is expanded rivalry from American retailers, for example, Amazon. One of the patterns driving change particularly in the retail of mold items is the digitization of the stores which enables clients to fit garments and show signs of improvement apparel things from a screen in a changing area. The selection of this sort of innovation guarantees to put a few retailers in front of others managing in design stock. This is additionally a genuine danger to the attire division of Canadian Tire Corporation. The risk of New Entrants The business has seen various exceptionally solid new participants, for example, Uniqlo and Saks Fifth Avenue (Nguyen, 2016). The hindrances to passage in the retail division in Canada are very low implying that anyone with adequate measure of capital can enter the market and turn into an exceptionally solid contender. Moreover, the obstructions to passage are additionally brought down by the expanding fame of online stores. With advanced innovation, all that is required is a solitary store where the products are kept and a solid conveyance benefit. Hence, web based business has made section into the retail business moderately less exorbitant than before. That implies that the present players confront a more prominent risk of new contestants than before. In any case, taking a gander at every one of the specialty units keep running by Canadian Tire Corporation, plainly the risk of new contestants is less in the oil and monetary administration business because of the higher boundaries to passage in these segments. Risk of Substitutes Since the business under thought manages general stock from various organizations consequently extraordinary brands, there is no danger of substitutes on the level of the brands for particular things. In any case, if organizations under the Canada Tire Corporation are taken as brands and after that different retailers, for example, Amazon taken different brands, at that point there is a major danger of substitutes in that specific situation. This is on the grounds that there are numerous rivals in all the business divisions worked by the organization. Accordingly, there is a genuine peril that clients may move starting with one organization then onto the next relying upon their inclinations. Bartering Power of Buyers The presence of numerous contending organizations in every one of the divisions keep running by Canadian Tire Corporation infers that the purchasers have an abnormal state of dealing power. This backings the past talk that demonstrated that the players in Canada's retail industry appreciate low-net revenues. This circumstance emerges because of the way that purchasers will dependably search at the best cost while settling on their obtaining choices. The presence of numerous contenders implies that clients can browse an extensive variety of retailers. This implies retailers don't have the ability to set their costs higher as this would prompt clients settling on items from different contenders. This circumstance is aggravated by the way that with the web, customers are constantly mindful of the best costs of an extensive variety of products even before they enter a store. Bartering Power of Suppliers There are a lot of providers in the retail business. Rivalry between these providers implies that organizations in the business can influence their tasks. Because of this dealing power all in all stock, firms, for example, Canadian Tire Corporation appreciate awesome advantages including getting items at the most ideal cost. Be that as it may, since the organization works various organizations, the dealing energy of providers fluctuates relying upon the particular item. For instance, providers of the oil division appreciate a moderately high dealing power because of the way that there are couple of providers of oil and oil based commodities. Likewise, vehicles save parts originate from the vehicle makers themselves. This implies for parts of, say, Toyota, there is just a single provider which implies that the auto producers, who are the providers, for this situation, appreciate an abnormal state of bartering power against the organization. Investigation of the Impact of Key Industrial Pressures on the Five Forces Force Key Industrial Pressure Impact Industry Rivalry E-Commerce Will increment industry contention as it will enable remote firms to contend in the Canadian market all the more effortlessly High Costs They will bring about expanded competition because of the way that high expenses in the neighborhood market will influence items in outside business sectors to appear to be less expensive thus more alluring to the client Fortifying of the Canadian Dollar Goods from remote markets will appear to be less expensive than neighborhood products. Consequently, contention from universal players, for example, Amazon will increment in the nation as its items will have more request. The risk of New Entrants E-Commerce E-business will empower new participants to think that its considerably simpler to enter the market because of the way that online stages require less funding to begin and run High Costs These will have no effect on the danger of new participants on the grounds that any firm endeavoring to enter will be subjected to a similar high expenses. Fortifying of the Canadian Dollar This will have no effect on the danger of new participants in light of the fact that a more grounded Canadian Dollar won't make it any less demanding for new neighborhood firms to enter the market Risk of Substitutes E-Commerce E-business will support the foundation of new firms which will have the impact of expanding the substitutes accessible for clients. High Costs High costs in the neighborhood market will give retailers from universal markets a high ground over nearby retailers. Consequently, there will be more substitute items from the universal market. Reinforcing of the Canadian Dollar Strengthening of the Canadian dollar will bring about items from different markets to wind up less expensive with respect to neighborhood items. This will build the interest for substitutes from different markets, for example, the US. Haggling Power of Buyers E-Commerce E-business will build the bartering energy of purchasers because of the way that it will empower them to approach data on the best market costs. Thus, no retailer would need to charge higher costs as this would influence them to lose market to contenders High Costs This has no effect on the haggling energy of purchasers since purchasers react to costs of the last items and not the expenses caused. Fortifying of the Canadian Dollar Strengthening of the Canadian dollar will cause a backhanded increment in the haggling energy of purchasers against nearby retailers. This expansion will, in any case, rely upon regardless of whether equals in different markets will convey more items to Canada at bring down costs. Bartering energy of Suppliers E-Commerce E-trade will have no effect on the haggling energy of providers since it is just significant in deals and not in the securing of items from providers. High Costs High costs caused by the retailers will have no effect on the haggling energy of providers in light of the fact that the costs influence net revenues and not inventory network activities. Reinforcing of the Canadian Dollar Strengthening of the Canadian Dollar will have no effect on the bartering energy of providers on the grounds that the quality of the cash is autonomous of the exercises of providers and the organizations in the business. Conclusion Amid the way toward achieving the organization's main goal, through the change of the organization's inside versatility, Canadian Tire Corporation Limited's executives needs to continually amend and plan new procedures, subsequently adequately confronting the new populace, evolving innovations, open arrangements, financial matters and different elements that influence the organization's advancement in the consistently changing social frame, discovering improvement openings and dangers, viably settling dangers, utilizing chances to fortify advancement and in the long run achieving the organization's central goal. >GET ANSWER