Federal and provincial governments and their agencies and local governments use the CICA Public Sector Standards to guide their audits.

Question

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The CICA (Chartered Professional Accountants Canada) Public Sector Accounting Handbook provides guidelines for accounting and financial reporting in the Canadian public sector. These guidelines, also known as the PSAS (Public Sector Accounting Standards), are used by federal and provincial governments, agencies, and local governments to guide their audits. Therefore, the statement is true.

Federal and Provincial Governments and Their Agencies and Local Governments