What is the responsibility of an auditor who
is engaged to audit the financial statements
of a government entity?
a. Assess control risk with respect to each
component of internal control.
b. Assume responsibility for assuring that
the entity complies with applicable laws
and regulations.
c. Obtain an understanding of the
possible financial statement effects
of laws and regulations having direct
and material effects on amounts
reported.
d. Design the audit to provide reasonable
assurance that the statements are free of
material misstatements resulting from
illegal acts having direct or indirect
effects
is engaged to audit the financial statements
of a government entity?
a. Assess control risk with respect to each
component of internal control.
b. Assume responsibility for assuring that
the entity complies with applicable laws
and regulations.
c. Obtain an understanding of the
possible financial statement effects
of laws and regulations having direct
and material effects on amounts
reported.
d. Design the audit to provide reasonable
assurance that the statements are free of
material misstatements resulting from
illegal acts having direct or indirect
effects