Audit Requirements The audit should be in accordance with generally accepted government auditing standards gagas or gas). The auditor must obtain an understanding of internal control over federal programs sufficient to support a low assessed level of control risk for major programs. The auditor should determine whether the client had compiled with laws, regulations, and the provisions of contracts orgrant agreements that may have a direct and material effect on each of its major programs. Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Audit Requirements The audit should be in accordance with generally accepted government auditing standards (GAGAS or GAS). The auditor must obtain an understanding of internal control over federal programs sufficient to support a low assessed level of control risk for major programs. The auditor should determine whether the client had compiled with laws, regulations, and the provisions of contracts or grant agreements that may have a direct and material effect on each of its major programs
Reporting Requirements An opinion on whether the financial statements are in accordance with GaaP, and an opinion as to whether the schedule of federal awards is presented fairly in all material respects in relation to the financial statements as a whole A report on internal control related to the financial statements and major program. A report on compliance with laws, regulations, and the provisions of contracts or grant agreements. A schedule of findings and questioned costs. Arens, Loebbecke; Auditing, 8/ @2000 by Prentice Hall, Inc
Arens, Loebbecke; Auditing, 8/E © 2000 by Prentice Hall, Inc. Reporting Requirements An opinion on whether the financialstatements are in accordance with GAAP, and an opinionas to whether the schedule of federal awardsis presented fairly in all material respectsin relation to the financialstatements as a whole. A report on internal control related to the financial statements and major program. A report on compliance with laws, regulations, and the provisions of contracts or grant agreements. A schedule of findings and questioned costs