1. How do audits of governmental agencies differ from those of not-for-profit entities? How are these audits different from those of organizations that operate for profit? Who are the stakeholders for the various audits?
2. What is the Single Audit Act? How has this act influenced auditing of governmental agencies? What types of reports and opinions do the auditors provide?
3. How has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-for-profit organizations? Does the Public Company Accounting Oversight Board have authority to establish auditing standards for not-for-profits? What specific steps might governmental agencies or not-for-profits take to comply with the requirements of the Sarbanes-Oxley Bill?