Question
The Lawrence Center for Performing Arts receives government financial assistance and is subject to Government Auditing Standards. The auditor's responsibilities associated with this engagement include
The Lawrence Center for Performing Arts receives government financial assistance and is subject to Government Auditing Standards. The auditor's responsibilities associated with this engagement include all of the following except
1. Assessing whether management has identified laws and regulations that have a direct and material effect on determination of amounts in the financial statements.
2. Obtaining an understanding of the impact of laws and regulations that have a direct and material effect on the determination of financial statement amounts.
3. Communicating to management and the audit committee that an audit performed purely in accordance with generally accepted auditing standards may not be sufficient if there are additional regulatory requirements.
4. Obtaining sufficient evidence to form an opinion on internal control over compliance.
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