Select the necessary words from the list of possibilities to complete the following statements Answer Statements When auditing financial statements in accordance with generally accepted auditing standards, the auditors must test compliance with all laws and regulations that have a effect on line-item amounts the financial statements In an audit in accordance with Government Auditing Standards, the auditors report on the organization's internal control compliance with laws and regulations direct and material In 1977, passage of the increased the demand for internal auditing economy 4. An operational audit focuses on the efficiency, effectiveness, and of operations exit conference An involves a meeting of the operational auditors and the persons directly concerned with the operations audited to discuss the audit findings Foreign Corrupt Practices Act independent Answer independent Institute of Internal Auditors material instances of noncompliance preliminary survey Single Audit Act