The Annual Comprehensive Financial Report, better known as the ACFR, is prepared annually to provide the City Council, citizens, representatives of financial institutions and others with detailed information concerning the financial condition and performance of the City of Rialto. The report also provides assurance that the City presents fairly its financial position as verified by independent auditors.
Each year the City's financial records are audited in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Controller General of the United States, and the provisions of the Single Audit Act, Office of Management and Budget (OMB) Circular A-133 and OMB's Compliance Supplement. These standards require that auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audit also includes assessing the accounting principles used in the significant estimates made by management, as well as evaluating the overall financial statement presentation.