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Chp_12_Homework - Chapter 12 Auditing of Governmental and...

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Chapter 12 - Auditing of Governmental and Not-for-Profit Organizations CHAPTER 12: AUDITING OF GOVERNMENTAL AND NOT-FOR- PROFIT ORGANIZATIONS Answers to Questions 12-1 The three levels of audit are generally accepted auditing standards (GAAS), generally accepted governmental auditing standards (GAGAS), and the single audit. GAAS standards are established by the AICPA, while the Government Accountability Office (GAO) establishes GAGAS. The single audit is the result of a law enacted by Congress. However, regulation related to implementation of the law is established by the Office of Management and Budget (OMB) and is available to users in Circular A-133 and the related Compliance Supplement. 12-2 An opinion unit is related to the financial reporting format of governments. Opinion units include: governmental activities, business-type activities, aggregate discretely presented component units, each major governmental and enterprise fund, and the aggregate remaining funds. Auditors need to know the number of the client’s opinion units since the auditor is required to opine on each unit.
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