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24 SINGLE AUDITS <br />What is a Single Audit? <br />When are Single Audits required? <br />What special standards govern Single <br />Audits? <br />How do Single Audits differ from regular <br />financial statement audits? <br />29 AUDITOR'S REPORTS <br />What are the different types of auditor's <br />reports? <br />What is the independent auditor's report <br />on the financial statements? <br />What is an unqualified opinion or clean <br />opinion? <br />What is a qualified opinion? <br />What is a disclaimer of opinion? <br />What is an adverse opinion? <br />What is the independent auditor's report <br />on compliance and internal controls over <br />financial reporting? <br />What is the independent auditor's report <br />on compliance and internal controls over <br />compliance applicable to each major <br />federal award program? <br />What is the independent auditor's report <br />on the Schedule of Expenditures of <br />Federal Awards? <br />What are findings? <br />What are questioned costs? <br />What is a management letter? <br />41 MANAGING THE FINANCIAL <br />STATEMENT AUDIT <br />Who is responsible for selecting the <br />independent auditor? <br />How should the independent auditor be <br />selected? <br />What other services may auditors be <br />requested to perform in conjunction with <br />an audit of the financial statements? <br />What is the optimal duration for an audit <br />contract? <br />Should auditors be "rotated"? <br />What is an audit committee? <br />49 PERFORMANCE AUDITING <br />What is performance auditing? <br />How does performance auditing differ <br />from a financial statement audit? <br />au <br />FINANCIAL INTEGRITY LEGISLATION. <br />Legislation that requires managers to conduct <br />reviews of their agency's internal controls. <br />FINDING. An internal control weakness or in- <br />stance of noncompliance reported in conjunction <br />with an audit performed in conformity with gen- <br />erally accepted government auditing standards <br />(i.e., "Yellow Book"). Findings normally comprise <br />four elements - criterion/criteria, condition, ef- <br />fect, and cause. <br />GAAP. Generally accepted accounting princi- <br />ples. <br />GAAS. Generally accepted auditing standards. <br />GAGAS. Generally accepted government audit- <br />ing standards. <br />GAO. U.S. General Accounting Office. <br />GASB. Governmental Accounting Standards <br />Board. <br />GENERALLY ACCEPTED ACCOUNTING <br />PRINCIPLES. Criteria normally used by audi- <br />tors to determine if financial statements are <br />fairly presented. Generally accepted accounting <br />principles for state and local governments are es- <br />tablished by the Governmental Accounting Stan- <br />dards Board <br />GENERALLY ACCEPTED AUDITING <br />STANDARDS. Standards for the conduct of a <br />financial audit that historically have been estab- <br />lished by the Auditing Standards Board of the <br />American Institute of Certified Public Accoun- <br />tants. <br />GENERALLY ACCEPTED GOVERNMENT <br />AUDITING STANDARDS. Standards for the <br />conduct of audits established by the U.S. Gen- <br />eral Accounting Office's publication Government <br />Auditing Standards, also known as the "Yellow <br />Book." Generally accepted government auditing <br />standards for financial audits incorporate the <br />field work and reporting standards of generally <br />accepted auditing standards. <br />TO AUDITING J~7 <br />