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C: Background
Rural Development requires its borrowers to provide annual audited financial statements performed in accordance with GAGAS using the publication, "Government Auditing Standards," 2003 Revision. This publication was developed by the Comptroller General of the United States, GAO. Audits must also be performed in accordance with GAAS.
These financial statement audits are the responsibility of the auditee's management. The financial statements should be prepared in conformance with GAAP unless state statutes or other funding sources require otherwise.
To the extent practicable, the financial statements should be presented on a comparative basis for the current and preceding year. An entity submitting its initial audit report to Rural Development may submit single year financial statements.
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