Please read the following and do it.The U.S. Constitution mandates that "a regular statement and account of the receipts and expenditures of all public money shall be published from time to time" by...

1. Three unique characteristics of the federal government which necessitate special accounting and reporting practices
The federal government and its related institutions are obliged to respond to different types of entities and people such as elected personnel and officers, other units of the government, capitalists, and other related members and citizens who are interested and scrutinizing its actions. The surveillance starts with the collection and analysis of the data and the role of management is done considering the information given in the publications of government. The financial report of the government consists of different statement which shows the financial position, cash flows, and operational performance for a particular period. Every government organization is engaged in preparing its report every year as per the international specification formed by the standard-setting bodies for providing users with uniformity (Kearney, et al. 2013).
The reporting of the federal government should be credible and show a true and fair view of the operations and it is necessary for achieving accountability among the consumers. The financial report should be made in such a way that meets the different types of demand and goals such as cu
ent financial position, liquidity and solvency, budgeting, and other regulatory compliance, and also includes long-term capital planning. In addition to this, the federal government has various unique characteristics that demand particular accounting and reporting standards.
The first unique feature of the federal government is its powers which include the issue of money, regulation of trade, and taxation. The other unique feature of the federal government is its nature such as medicare benefits, commitment to implement social initiatives, guarantees for loans, and providing social security. The different range of operations performed by the federal government is another feature which includes Medicare and Social Security, management of supply of money, and defense (Bergmann, A 2012). The diversity and variety of resources held by the federal government is another unique feature such as national parks and monuments, gold storage, and others. Due to the above unique features and functions, federal accounting methods and special reporting practices are required by them.
2. Explanation of the type of audit performed and the audit opinion issued
The significant increase in federal services and assistance to the local and state governments has led to the requirement for a strong internal audit so that the funds are used wisely and effectively (The US Department of Justice). The General Accounting Office (GAO) is the auditing agency for the audit of the federal government. It has...