Which element would NOT typically be found in the introductory section of a CAFR?

The independent auditor's report serves as an assessment of the accuracy and integrity of the financial statements and is generally situated towards the end of the Comprehensive Annual Financial Report (CAFR). It provides an external evaluation of the financial documents, detailing whether they conform to generally accepted accounting principles (GAAP) and reflecting the auditor's findings on the overall financial health of the entity.

In contrast, the other elements listed, such as management's discussion and analysis, required supplementary information, and the certificate of achievement for excellence in financial reporting, are typically included in the introductory section of a CAFR. This introductory section is designed to present an overview of the financial activities and strategies of the governmental entity, enhancing stakeholder understanding of the financial statements that follow.