Auditing disclosures in governmental & NFP financial statements

The purpose of an audit is to provide financial users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework. It only takes one material misstatement for a set of financial statements to be materially misstated and, thus, if not ultimately adjusted by management, result in a modified audit opinion. The “Accounting Principles Rule,” as cited in paragraph 1.14 of the AICPA Guide, State