Explain the Process of Financial Reporting of the U

question 34

Essay

Explain the process of financial reporting of the U.S. Government as a whole. Does the federal government receive an unmodified audit opinion on its financial report?

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Definitions:

Strict Liability

The doctrine under which people may be liable for injuries to others whether or not they have been negligent or committed an international tort. Also called absolute liability.

Unavoidably Dangerous

Products or activities that cannot be made completely safe, no matter the amount of caution used in their design or execution.

Punitive Damages

Damages in excess of actual losses suffered by the plaintiff awarded as a measure of punishment for the defendant’s wrongful acts. Also called exemplary damages.

Strict Liability

Legal responsibility for damages or injury, even if the person found strictly liable was not at fault or negligent.