Governmental Auditing Standards recognize that because of public accountability over governmental activities the acceptable tolerable misstatement as compared to commercial businesses may be:
A)equal.
B)lower.
C)higher.
D)indeterminable.

Question

Quizplus · Accepted Answer

Governmental Auditing Standards recognize the public accountability of governmental activities which means that the acceptable tolerable misstatement is usually lower than that of commercial businesses. This is because the government is responsible for public funds and therefore, higher levels of scrutiny are required to ensure that there is no mismanagement or misappropriation of public funds.

Governmental Auditing Standards Recognize That Because of Public Accountability Over