ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 15 Score Name Section Problem (10 points). Auditing state and local governments and private nonprofit organizations often requires additional steps not required for the audit of for profit organizations. Answer the following questions related to the audit of state and local governments and private nonprofit organizations. DISCUSSION QUESTIONS RELATING TO AUDITS OF STATE AND LOCAL GOVERNMENTS AND PRIVATE NONPROFIT ORGANIZATIONS (1) What is the Yellow Book and what influence does it have over the audits of both state and (2) What is a single audit? What deficiencies in previous practice was the Single Audit Act (3) What are the two main components of a single audit? local governments and nonprofit organizations? intended to correct? 4) What are the four main types of reports required of a single audit