A Regulatory Agency Would Use the External Financial Statements of a Local

question 18

Multiple Choice

A regulatory agency would use the external financial statements of a local government for which of the following purposes?

• A)To assure that the entity is spending and receiving resources in accordance with laws, regulations or policies.
• B)To help assess management's performance.
• C)To exercise general oversight responsibility.
• D)To do all of the above.

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Definitions:

Codes of Conduct

Written guidelines intended to regulate behavior within a company, organization, or group by outlining acceptable and unacceptable behaviors.

Statutes

Written laws enacted by legislatures at the federal, state, or local level.

Federal Statute

A law enacted by the national government of a country that applies throughout the country and supersedes state laws in areas of federal jurisdiction.

Equitable Principle

Legal maxims or foundational principles aimed at achieving fairness in judicial decisions.