Government Reports Drill Down

Question 1

What is required in a GAS audit in Accordance with GAGAS?

Answer 1

1. Opinion on Financial Statements
2. Report on Internal Control
3. Report on Compliance with laws and regulations Must include description of material instances on non-compliance
   a. GAAS
   b. GAGAS (Quality Control)

Question 2

What does the Single Audit Act require in the report?

Answer 2

Whenever an entity receives more than $750k in federal assistance in a single year.

1. Opinion on Financial Statements
2. Report on Internal Control
3. Report on Compliance with laws and regulations Must include description of material instances on non-
   compliance
   a. GAAS
   b. GAGAS (Quality Control)
4. Report on scope of audit testing on I/C
   a. Compliance with major programs (opinion)
   b. I/C Report with Major Programs
5. Report of Schedule of expenditures of federal awards
   -Non Major - limited assruance

Question 3

What sections do the GAS in accordance with GAGAS, and SAA audits share?

Answer 3

The first three:
1.	Opinion on Financial Statements
2.	Report on Internal Control
3.	Report on Compliance with laws and regulations Must include description of material instances on non-
compliance
  a.	GAAS
  b.	GAGAS (Quality Control)

Question 4

What are the parts of the Report on scope of Internal Controls for Single Audit Act Reports?

Answer 4

4. Report on scope of audit testing on I/C
   a. Compliance with major programs (opinion)
   b. I/C Report with Major Programs