What Is an Auditor's Responsibility for Supplementary Information Required by the GASB

question 22

Multiple Choice

What is an auditor's responsibility for supplementary information required by the GASB that is placed outside the basic financial statements?

• A) Label the information as unaudited and expand the auditor's report to include a disclaimer on the information.
• B) Add an explanatory paragraph to the auditor's report and refer to the information as "required supplementary information."
• C) Apply limited procedures to the information and report deficiencies in, or the omission of, the information.
• D) Audit the required supplementary information in accordance with generally accepted governmental auditing standards.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Electricity Consumption

The amount of electrical energy used by households, businesses, and industries over a certain period, typically measured in kilowatt-hours (kWh).

Price Elasticity

A gauge of the extent to which the demand for a certain item is affected by fluctuations in its cost.

Electricity Consumption

The total amount of electric power used by consumers within a specific period.