Which of the following is NOT considered a component of the CAFR?

The Comprehensive Annual Financial Report (CAFR) is a set of financial statements that provides a complete overview of a government's financial condition. It typically consists of several key sections: the introductory section, the financial section, the statistical section, and sometimes additionally, a management discussion and analysis section.

The statistical section is meant to present historical data and trends that help users understand the financial data in context. The actuarial section, while not commonly included in the CAFR itself, can be found in certain government reports that relate to pension benefits, and it provides information on the long-term financial obligations. The investment section can provide insights into the entity's investment portfolio.

The management section serves as a narrative that discusses the government's financial condition and future outlook but it isn’t officially recognized as a standalone component of the CAFR. Rather, the management discussion and analysis is typically included within the financial section or the introductory part of the CAFR itself. Therefore, saying it is considered a stand-alone section is inaccurate, making the management section the correct answer as not being a formal component of the CAFR.