15. A CPA prepares working papers in an audit of an entity that receives federal financial assistance. Which of the following statements is true with regard to such working papers?

a. There is no specific standard requiring working papers.

b. The AICPA has no specific standard requiring working papers, but the GAO standards require working papers

c. The AICPA and the GAO standards concerning working papers are the same.

d. The GAO standards concerning working papers are more rigorous than the AICPA standards

17. At many colleges and universities, students are asked to evaluate the quality of instruction received and course content for all undergraduate courses. The evaluations are used for which of the following?

a. As an outcome measure.

b. As an output measure.

c. As a surrogate for an outcome measure.

d. As a surrogate for an output measure.

20. Which of the following groups is least likely to be involved in evaluating the efficiency and effectiveness of government programs?

a. Accountants.

b. Legislators.

c. Economists.

d. Statisticians.

22. Which of the following is an objective of audits under the Single Audit Act? To ensure that

a. The entitys financial statements are not affected by immaterial errors or misstatements.

b. The entity has not committed fraud.

c. The entity has in place a system of internal control sufficient to ensure that financial statements are prepared in accordance with generally accepted accounting principles.

d. The entity is satisfying the laws, regulations, and provisions that apply to each specific federal award.

24. Which of the following is NOT true of an attestation engagement?

a. It should not be performed if the reliability of the entitys performance measures is questionable.

b. An important part of the engagement scope is to examine compliance with rules, regulations, or terms of contracts.

c. It should examine managements assertions in relation to the entitys administrative controls.

d. It may include examination of prospective or pro-forma financial statements.