The U.S. Constitution Article I, Section IX mandates “a regular statement and account of the receipts and expenditures of all public money shall be published from time to time” by the federal government. Two centuries after the publication of the U.S. Constitution, it is still difficult for the federal government to issue financial statements. In this assignment, you examine the U.S. Federal Government’s financial statements to explore the differences in these statements from other governmental financial statements and the reasons that necessitate these differences.
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Discuss at least three unique characteristics of the federal government that necessitate special accounting and reporting practices, presenting at least one example for each transaction.
Choose at least three unique characteristics of the federal government that necessitate special accounting and reporting practices.
Discuss these characteristics, presenting at least one example for each one.
Accurately identify and explain the type of audit performed, the audit opinion issued, and the auditor’s reasons for that opinion, on the most recent federal government financial statement.