A recent single audit report for the County of Ashton contains the following: I. Summary of Auditor's
Question:
Financial Statement Audit (GAGAS). Refer to items 1-3 in the county's Schedule of Findings and Questioned Costs that follows:
a. Which of these is based primarily on the AICPA audit standards? , The GAO auditing standards?
b. What are significant deficiencies in internal controls? What are material weaknesses?
c. How could the auditor properly render an unmodified opinion on the financial statements if there are material weaknesses in internal controls over financial reporting, significant deficiencies and material weaknesses in internal control over major programs, and several modified opinions on major program compliance?
COUNTY OF ASHTON
Schedule of Findings and Questioned Costs
Year ended June 30, 20X7
I. Summary of Auditor's Results
1. The type of report issued on the basic financial statements: Unmodified Opinion.
2. Significant deficiencies in internal control over financial reporting were disclosed by the audit of the basic financial statements: Yes. Material weaknesses: Yes
3. Noncompliance that is material to the basic financial statements: No
4. Significant deficiencies in internal control over major programs: Yes.
Material weaknesses: Yes
5. The type of report issued on compliance for major programs: Unmodified, except for 10.551, 10.561, 84.027, 93.558, and 93.959, which were modified.
6. Any audit findings that are required to be reported under Section 200.516 of OMB Uniform
Guidance: Yes
7. Major programs:
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8. Dollar threshold used to distinguish between Type A and B programs: $3,000,000
9. Auditee qualified as a low-risk auditee under Section 200.520 of OMB Uniform Guidance: No
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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As per the AICPA audit standards and the GAO audit standards the audit report is only modified when ...View the full answer
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Related Book For 
Governmental and Nonprofit Accounting Theory and Practice
ISBN: 978-0133799569
11th edition
Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
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