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 A and B above.
D) Neither A nor B 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. An examination to determine whether purchasing procedures are appropriately designed to assure program supplies meet standards would be a performance audit.

Which of the Following Would Be a Financial Audit or a Part