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Iowa State Auditor

Some Cities have potential component units, such as Friends of the Library, Fire Associations and/or Foundations. Should these potential component units be evaluated in accordance with the reporting entity criteria prescribed in GASB Statements 14, 39 and 61 for possible inclusion in the scope of City examinations?

No. Auditors are not required to evaluate or include potential component units in the scope of City examinations.

See guidance pertaining to Separate Municipal Utilities.

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