A new board member for the Fire Protection District (a special purpose government) was reviewing the audit

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A new board member for the Fire Protection District (a special purpose government) was reviewing the audit report for the district and noted that, although the district received an unqualified opinion, the audit report was longer than the one received by the corporation for which he worked. Assuming that the district received only an AICPA GAAS audit, explain for the board member why the district audit report is longer than the corporate audit report.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

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