Questions:
1. Explain the essential elements of financial audits by independent CPAs, including: The objective(s) of financial audits. The source and content of generally accepted auditing standards (GAAS). Audit report formats and opinions. The audit process.
2. Explain the essentials of a single audit, including: The purpose and scope of a single audit. Major program identification. Audit work required. Reports that must be submitted and when and to whom.