Accounting for Governmental and Nonprofit Entities 15th Edition by Earl Wilson,Jacqueline Reck,Susan Kattelus

Exercise 1

Examine the CAFR.Using the CAFR you obtained for Exercise 1-1, answer the following questions:
a.Auditors.Was this CAFR audited by external certified public accountants (CPAs) or by state or local governmental auditors
b.Audit Opinion.What type of opinion did this entity receive If it was qualified, what reason was given Was an opinion expressed on the supplementary information as well as the basic financial statements
c.Auditing Standards.Did the auditor use generally accepted auditing standards (GAAS), generally accepted government auditing standards (GAS or GAGAS), or both
d.Paragraphs.How many paragraphs are there in the auditor's report Can you identify the introductory, scope, opinion, and any explanatory paragraphs
e.Single Audit.Can you tell whether this entity was required to have a single audit If so, are the required single audit reports contained within the cover of the CAFR that you are examining If the entity does receive federal financial assistance but you see no mention of the single audit in the auditor's report, where do you expect that single audit report to be