Generally Accepted Government Auditing Standards (GAGAS) Apply to Financial Audits

question 38

True/False

Generally accepted government auditing standards (GAGAS) apply to financial audits of state and local governments only if they expend $750,000 or more in federal financial assistance.

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Definitions:

Lean Start-ups

A business approach focusing on minimal viable products, rapid prototyping, and iterative development to efficiently test and develop market-fit solutions.

Operations

Refers to the day-to-day activities and processes undertaken by a business to produce goods or services.

Acquisitions

The act of one corporation acquiring the majority or entirety of another corporation's shares in order to take over its control.

Internal Locus

The belief that one controls their own destiny and outcomes are the result of personal effort and decisions rather than external factors.