Explain the necessity of the Office of the Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; the OMB Compliance Supplement; and the Government Auditing Standards (GAS) framed by Government’s Accountability Office (GAO), for a newly hired staff auditor who is assigned a government engagement that includes a single audit.

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Chapter 11, Problem 5Q

To determine

Explain the necessity of the Office of the Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; the OMB Compliance Supplement; and the Government Auditing Standards (GAS) framed by Government’s Accountability Office (GAO), for a newly hired staff auditor who is assigned a government engagement that includes a single audit.

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