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Mba 210

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Submitted By akira126
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The auditor detecting material noncompliance with specific requirements governing a major federal financial assistance program in a compliance audit should issue either a qualified or adverse opinion, including the basis for the opinion.
The auditor would express a disclaimer of opinion only in the event of scope limitations, which is not the case here.
When the audit includes basic compliance requirements which are not applicable to a major federal program, the auditor expresses a positive opinion on the compliance with respect to the items actually tested and negative assurance on those aspects of compliance which were not tested. The auditor never expresses no assurance or reasonable assurance. It is the objective of the audit procedures performed to provide the auditor with reasonable assurance that any material noncompliance with requirements will be detected.
In addition to having competence, technical knowledge, skills, and experience to perform the audit professionally, auditors must complete at least 24 hours of CPE relating to governmental auditing every two years. Individuals who work on GAGAS audits for 20% or more of their time must complete at least 80 hours of CPE relating to governmental auditing every two years.
The engagement letter should contain information such as: * the objective of the audit (an expression of an opinion on the financial statements); * the fact that management is responsible for: * the financial statements, * establishing and maintaining effective internal control over financial reporting, * identifying and ensuring that the entity complies with laws and regulations, * adjusting the financial statements to correct material misstatements, * making all financial records and related information available to the auditor, and * providing the auditor with a letter that confirms

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