Government

Question 1

Which standards are used for government audits

Answer 1

The applicable framework (GAAS, SSAE, SSARS) and GAGAS (Generally accepted government auditing standards)

Question 2

How may materiality differ in a government audit

Answer 2

It almost always better to use lower materiality due to the higher sensitivity of government programs compared to a normal issuer issuer

Question 3

What are the standards around quality control in governmental audits

Answer 3

An audit firm auditing government must have a system of quality control in place. Audit firm should obtain an external peer review every 3 years

Question 4

How should deficiencies be communicated in a government audit

Answer 4

For matters which are relatively significant and require corrective urgent follow up: as early as possible

Question 5

How do government opinions differ from that of issuers

Answer 5

Exactly the same except identify the government financial statements, reports on compliance regulations laws and contracts, grants agreements, and ICFR, and that was conducted with GAGAS