Governmental Audits of Single Financial Statements or Elements
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Governmental Audits of Single Financial Statements or Elements

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This AICPA Governmental Audit Quality Center (GAQC) nonauthoritative article provides considerations on performing audits of single financial statements or specific elements, accounts, or items of financial statements in the governmental auditing arena under AU-C 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. The GAQC has noted an increase in these engagements for governments, not-for-profits, and for-profit entities primarily due to the COVID-19 pandemic and related audits of federal funding. An example of a pandemic-related audit where AU-C 805 comes into play is a financial audit of a for-profit recipient of the Provider Relief Fund program. Further, a stand-alone opinion on the schedule of expenditures of federal awards in a program-specific audit under the Uniform Guidance is another common example where the reporting on the schedule is under AU-C 805. The article addresses common questions the GAQC has been receiving in topic areas such as the following:

  1. The auditing literature that applies to these engagements.

  2. Other AICPA auditing standards that are typically adapted and applied to these engagements.

  3. Considerations for when the audits are also performed under Government Auditing Standards.

Download the GAQC article on governmental audits of single financial statements or specific elements

File name: gov-audits-singlefs-elements.pdf

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