Government Auditing Standards, published in a document called the Yellow Book, incorporate the AICPA standards and provide extensions that are necessary due to the unique nature of public entities. Which of the following is not one of the extensions?
A) Public availability of audit reports.
B) Written evaluation of internal controls.
C) Higher materiality thresholds than in the private sector.
D) Requirement that auditors have knowledge of government accounting and auditing.

Question

Quizplus · Accepted Answer

These extensions require auditor knowledge of government accounting and auditing, public availability of audit reports, written evaluations of internal controls, and distribution of the reports and availability of working papers to federal and state funding authorities. Higher materiality thresholds than in the private sector is not one of the extensions.

Government Auditing Standards, Published in a Document Called the Yellow