Take the following as truth: When a GAGAS attestation engagement is the basis for an auditor's subsequent report under the AICPA standards, it would be advantageous to users of the subsequent report for the auditor's report to include the information on compliance with laws and regulations and internal control that is required by GAGAS but not required by AICPA standards.
Then the following statement: "The report is required by GAGAS but not AICPA." is true, false, or inconclusive?
Answer: True