need accounting 410 quiz answeres
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 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 3 0 1 6 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
