Accounting for Governmental & Nonprofit Entities 17th Edition by Jacqueline Reck,Suzanne Lowensohn,Earl Wilson

Exercise 5

As a newly hired staff auditor, you have been assigned to a governmental engagement that includes a single audit. Your supervisor asks you to familiarize yourself with OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards , the OMB Compliance Supplement, and the Government Accountability Office's Government Auditing Standards. Why are all three resources necessary?