Auditing Procedures Deemed Particularly Applicable to Audits of State and Local

question 53

Multiple Choice

Auditing procedures deemed particularly applicable to audits of state and local governments by independent CPAs are published in:

• A) The GASB codification.
• B) AICPA audit and accounting guides.
• C) GASB implementation guides.
• D) All of these choices are correct.

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Definitions:

Defined Contribution Plans

A type of retirement plan where employees contribute a fixed amount or percentage of their paychecks into an account for their future retirement, with the final benefits based on the account balance at retirement.

Benefit Audit

A thorough examination of an organization's employee benefits program to ensure compliance, effectiveness, and efficiency.

Legal Requirements

Obligations that entities must comply with according to laws and regulations.

Critical Problems

Essential or major issues that require immediate attention and solutions to prevent negative outcomes.