11.Governments and other nonprofits receiving federal funds follow Governmental Auditing Standards and do not have to comply with AICPA Statements of Auditing Standards.
12.If a government failed to report infrastructure assets, the auditor would have to express an adverse opinion on the fund level financial statements.
13.While the principal users of corporate audit reports are investors and creditors, the main user of Single Audit reports is the federal government.
14.The purpose of audits conducted under the Single Audit Act is to provide assurance that federal and state funds are expended in accordance with grant agreements, and with financial management and other standards promulgated by the federal government.
15.The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.
16.While the Sarbanes-Oxley Act applies to corporations filing with the Securities and Exchange Commission, several provisions of the Act already existed in governmental auditing standards and now are also mandated for not-for-profit organizations.
17.In a governmental audit the auditor is required to report directly to appropriate officials in addition to the board or audit committee.
18.In a governmental audit the auditor is only required to report to the board or audit committee.
19.Government financial audits are subject only to GAGAS.
20.Assuming an auditee is considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 50 percent of federal funds expended by the auditee.