In 2016, 21 of 24 CFO Act agencies received unmodified audit opinions. The Comptroller General disclaimed an opinion on two agencies, and one only had its balance sheet audited. Choose one of the CFO Act agencies to evaluate. The Federal Accounting Standards Advisory Board has a link to all agency Performance and Accountability Reports or Agency Financial Reports (http://www.fasab.gov/federal-financialreports/). Retrieve the most recent report for the agency you picked and answer the following questions.

Required
a. Briefly identify the agency’s financial situation by answering the following questions.
(1) What portion of the agency’s assets are composed of cash (i.e., Fund Balance with Treasury)?

(2) What was the increase or decrease in the agency’s net position for the period examined?
b. Who conducted the agency’s audit? What audit standards did the auditor apply? In your opinion, what, if any, independence issues would need to be addressed?
c. What audit opinion did the agency receive? If the agency did not receive an unmodified opinion, what rationale did the auditor give for not issuing an unmodified opinion?