Governmental Entities and Other Recipients of Governmental Financial Assistance,depending Upon

question 42

Essay

Governmental entities and other recipients of governmental financial assistance,depending upon the circumstances,may be subject to an audit in accordance with Generally Accepted Auditing Standards (GAAS audit),Government Auditing Standards (GAS audit)and the Federal Single Audit Act (Single Audit Act audit).Place an X by proper reports issued by auditors for each of these audits on the following: $$\begin{array} { | l | l | l | l | } \hline \text { Reports issued } & \begin{array} { c } \text { GAAS } \\\text { audit }\end{array} & \begin{array} { c } \text { GAS } \\\text { Audit }\end{array} & \begin{array} { c } \text { Single } \\\text { Audit Act } \\\text { Audit }\end{array} \\\hline \text { Opinion on financial statements. } & & \\\hline \text { Report of findings and questioned costs. } & & \\\hline \begin{array} { l } \text { Summary report of audit results relating to financial } \\\text { statements, internal control, and compliance. }\end{array} & & & \\\hline \text { Special release entitlements report. } & & & \\\hline \begin{array} { l } \text { Report on compliance with applicable laws and } \\\text { regulations and internal control. }\end{array} & & & \\\hline \begin{array} { l } \text { Report on the schedule of expenditures of federal } \\\text { funds. }\end{array} & & & \\\hline \text { Report on major foreign transactions. } & & & \\\hline\end{array}$$

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Definitions:

Election Process

The sequence of activities involving the submission of candidate names, campaigning, voting, and ultimately determining a winner in a democratic system.

Incentives

Rewards or penalties that motivate individuals or entities to behave in certain ways.

Internal Efficiency

A measure of how effectively an organization uses its resources to produce outputs without wasting materials, time, or energy.

Public Sector

The part of the economy composed of both public services and public enterprises, owned and operated by the government.