On what basis does the independent auditor express an opinion in the context of the basic fund financial statements?
A. For individual major funds
B. For fund type
C. For fund categories (i.e., governmental funds, proprietary funds, fiduciary funds)
D. Both A and B
A - In the public sector, the independent auditor's report on the basic financial statements offers separate opinions on a series of opinion units. These opinion units are governmental activities, business-type activities, each major governmental fund, each major enterprise fund, and in the aggregate, non-major funds and discretely presented component units.