Which of the following is not considered an opinion unit requiring a materiality determination associated with a financial statement audit of a state or local government?
A) Aggregate discretely presented component units.
B) Investment trust fund financial statements.
C) Each major governmental fund.
D) Business-type activities.

Question

Quizplus · Accepted Answer

Investment trust fund financial statements are not typically considered an opinion unit requiring materiality determination in a financial statement audit of a state or local government, as they are often presented as fiduciary funds and not part of the government's primary activities. The other options listed (aggregate discretely presented component units, each major governmental fund, and business-type activities) would typically require materiality determinations and opinions in a financial statement audit.

Which of the Following Is Not Considered an Opinion Unit