Which of the following would be a financial audit (or a part of a financial audit)under the Government Auditing Standards?
A) An audit expressing an opinion on the basic financial statements of a state or local government audit.
B) An examination to determine whether purchasing procedures are appropriately designed to assure program supplies meet standards.
C) Both of the above
D) Neither of the above

Question

Quizplus · Accepted Answer

An audit expressing an opinion on the basic financial statements of a state or local government audit would be a financial audit under the Government Auditing Standards. Option B is not a financial audit but rather a compliance audit, which determines whether an entity is following laws and regulations related to its operations.

Which of the Following Would Be a Financial Audit (Or