The purpose of this is to avoid duplication of efforts in conducting governmental audits
Answer
AICPA’s Professional Standards
GAO’s Government Auditing Standards
Single Audit Act
OMB Circular A-133
Which of the following is not a General Auditing Standard for financial audits?
Answer
professional judgment
financial stability
independence
competence
The Yellow Book’s general standards are issued by the
Answer
GAO
FASB
AICPA
IRS
Which of the following is a Yellow Book standard in respect to independence?
Answer
auditors may only audit one government agency during a fiscal year
auditors should not audit their own work
auditors may not advise in respect to computer installation
auditors may not audit public corporations
Government Auditing Standards characterizes government engagements into which of the following three categories?
Answer
financial audits, compliance audits, and performance audits
financial audits, operational audits, and performance audits
financial audits, attest engagements, and performance audits
financial audits, efficiency and effectiveness audits, and compliance audits
This law requires that the wages of laborers and mechanics employed by the contractors of federally funded projects be paid at prevailing local wage rates.
Answer
Davis-Bacon Act
Sarbanes-Oxley Act
Federal Wage and Hour Law
IRS Act
Federal funds must be used only for activities that are within the scope of the grant would be a(n)
Answer
optional activity
Yelllow Book mandate
allowable activity
prohibited activity
In discerning the objectives of a program to be audited, the auditors should give the least credibility to
Answer
the legislation creating the program
the organization’s program budget
the organization’s mission statement and strategic plan
comments by the lower-level employees who actually depend on the program for their livelihoods.
The process of specifically directing federal funds to a particular program is called:
Answer
allocation
earmarking
identification
subversion
You Want A Similar Paper Done? Don’t be stressed, Click Here To Order this essay!!!
Auditors who perform government audits must complete 80 hours of continuing professional
education every two years, of which ____ hours must be related directly to government auditing.
Answer
24
30
16
8
Government Auditing Standards must be adhered to in all financial audits except of
Answer
state and local governments
federal agencies
federally chartered banks
public corporations
Which of the following is not reported upon in the Schedule of Findings and Questioned Costs?
Answer
reportable conditions related to internal control
material noncompliance with provisions of laws, regulations, contracts, or grant agreements
material examples of inefficiency and ineffectiveness in carrying out federally funded programs
federally reimbursed expenditures that are not adequately documented
In reporting the results of a performance audit, it is appropriate for the auditors to
Answer
conjecture as to the reasons for the program’s failure to achieve desired results
include the auditors’ response to management’s objections to the auditors’ findings
provide recommendations as to how the program can be improved
all of the above.
Which of the following statements is incorrect about GAO standards pertaining to performance audits?
Answer
The GAO mandates that programs be audited annually by accounting trained professionals
Performance audits are normally carried out by internal audit departments
Performance audits focus on specific programs
The GAO does not specify when and how often a program, must be audited
‘‘Generally accepted government auditing standards’’ (GAGAS) refers to standards incorporated in
Answer
the Yellow Book
the Yellow Book and OMB Circular A-133
the Yellow Book and the AICPA’s Professional Standards
the Yellow Book OMB Circular A-133, and the AICPA’s Professional Standards
ScholarMatic: Explanation & Answer
Your ready answer from a verified tutor is just a click away for as little as $14.99
Click Order Now to get 100% Original Answer Customized to your instructions!
