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Audits of governments' financial statements are performed to determine if the financial statements are correct and...

Audits of governments' financial statements are performed to determine if the financial statements are correct and in accordance with generally accepted accounting principles, but not to determine if there is compliance with laws and regulations.
True

False

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Answer #1

Audit of government financial statement are performed to determine whether the financial statements are correct and are in accordance with generally accepted accounting principles. also one of the objective of audit is to determine whether it have compliance with laws and regulations because it is also the duty of the auditor to look into the compliance matter of government company and to give his opinion in his audit report.

Hence the statement is false as the audit is to be done also to determine the compliance with laws and regulation.

Therefore the answer is False.

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