by Lea Strickland | Jul 31, 2010 | Glossary
A type of financial statement audit that is conducted under Government Auditing Standards. Its focus is also oriented towards financial statement reporting, but it also includes assessing internal controls and compliance issues. As with a financial statement audit, a...
by Lea Strickland | Jul 31, 2010 | Glossary
An audit based upon the Office of Management and Budget (OMB) Circular which is required for an organization that receives and expends $500,000 or more (in a given year) in total federal funds (including federal funds which have passed through state or local agencies)...
by Lea Strickland | Jul 30, 2010 | Glossary
A detailed examination of the financial records and accounts of the business to determine accuracy. An audit may also include review of compliance with GAAP, funding rules, or other requirements imposed by funding agreements (i.e. bank loans, government grants and...
