Strengthen government's ability to achieve results efficiently and effectively
Indicator 3: Adequacy of Safeguards for Public Funds
Measure d: Evaluation (awards) of state financial statements
Description:
The Governmental Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) was established in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which comprises individuals with expertise in public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
The following link offers access to detailed information on specific aspects of the CAFR Program: http://www.gfoa.org/downloads/cafrprogrambrochure.pdf
Sources:
State Comprehensive Annual Financial Report - 2007
State Comprehensive Annual Financial Report - 2006