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lished generally accepted auditing standards and <br />attestation standards. <br />AUDITOR'S REPORTS. In the context of fi- <br />nancial auditing, the documents issued by the in- <br />dependent auditor to 1) render an opinion on the <br />fair presentation of the financial statements <br />(GARS and GAGAS), 2) report on compliance <br />and internal controls over financial reporting <br />(GAGAS), and 3) report on compliance and inter- <br />nal controls over compliance over federal awards <br />(Single Audit). <br />CLEAN OPINION. An audit opinion in which <br />the independent auditor states, without reserva- <br />tion, that financial statements are fairly pre- <br />sented in all material respects (synonym: <br />unqualified opinion). <br />CO1dIPREHENSIVE FRAMEWORK OF <br />INTERNAL CONTROLS. A system of internal <br />controls designed to 1) produce a favorable con- <br />trol environment, 2) ensure the ongoing assess- <br />ment ofrisk, 3) establish and maintain control- <br />related policies and procedures, 4) facilitate com- <br />munication, and 5) provide for monitoring the <br />effectiveness of control-related policies and pro- <br />cedures as well as the resolution of potential <br />problems identified by control-related proce- <br />dures. <br />DISALLOWED COSTS. Grant-related charges <br />that the grantor has determined to be ineligible <br />for payment because the charges do not meet all <br />of the grantor's requirements. <br />DISCLAIMER OF OPINION. An audit opinion <br />stating that the independent auditor is unable to <br />render an opinion on the fair presentation of all <br />or a portion of the financial statements. <br />EXTERNAL AUDITORS. Auditors who are in- <br />dependent, both in fact and appearance, of the <br />entities they audit (synonym: independent audi- <br />tors). <br />FINANCIAL STATEMENT AUDITS. Audits <br />designed to provide users of financial statements <br />with assurance concerning their reliability. <br />51 INTERNAL AUDITING <br />What is the role of the internal auditor? <br />How does the role of the internal auditor <br />differ from that of the independent <br />auditor of the financial statements? <br />What is the relationship between the <br />internal auditor and the independent <br />auditor of the financial statements? <br />54 FINANCIAL INTEGRITY LEGISLATION <br />What is financial integrity legislation? <br />55 GLOSSARY <br />S6 AN ELECTED OFFICIAL'S GUIDE <br />