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CITY OF CHESTERFIELD REQUEST FOR PROPOSALS I.INTRODUCTION A.General Information The City of Chesterfield is requesting proposals from qualified firms of certified public accountants to annually audit
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The Comprehensive Annual Financial Report (CAFR) is a detailed presentation of a government's financial condition, typically prepared for public entities. It includes various financial statements, notes, and statistical data.
Public sector entities such as state and local governments, according to generally accepted accounting principles (GAAP), are required to file a Comprehensive Annual Financial Report.
Filling out a CAFR involves compiling financial statements, notes to the financial statements, and required supplementary information in accordance with GAAP, often with the assistance of financial and auditing professionals.
The purpose of the CAFR is to provide a comprehensive and accurate overview of the government’s financial status, thereby increasing transparency and accountability to stakeholders, citizens, and potential investors.
Key information to be reported includes the government’s financial position, results of operations, cash flows, notes explaining accounting policies, and statistical sections that present additional fiscal data.
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