Generally accepted government auditing standards (GAGAS)apply to audits of state and local governments only if they expend $500,000 or more in federal financial assistance.

Question

Quizplus · Accepted Answer

Although it is true that state and local governments that expend $500,000 or more in federal financial assistance are required to receive a single audit under GAGAS, financial statement audits (even those with federal funds less than $500,000 in amount) may follow GAGAS if specified in the audit contract.

Generally Accepted Government Auditing Standards (GAGAS)apply to Audits of State