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Govt & Non Profit Organizations - Auditing

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Questions in this quiz (10)

  1. 1Which of the following is one of the overarching principles in Government Auditing Standards related to auditors performing nonaudit work for clients?
    1. AAuditors should not provide training to clients.
    2. BAuditors should not provide routine advice to clients or serve on advisory committees.
    3. CAuditors should not audit their own work or provide nonaudit services in situations when the nonaudit services are significant to the audit subject matter.
    4. DAuditors should not propose adjusting and correction entries.
  2. 2An auditor performing nonaudit work for a client may be in danger of violating the independence rules in Government Auditing Standards when he or she
    1. AConducts a search and recommends a particular person for a management position for the client.
    2. BProvides advice on establishing or improving internal controls.
    3. CProvides the client with benchmarking information.
    4. DAnswers technical questions for the client.
  3. 3Which of the following kinds of information is not included within the scope of a financial statement audit of a state or local government?
    1. AGovernmental activities financial information.
    2. BManagement's discussion and analysis (MD&A).
    3. CMajor funds financial information.
    4. DBusiness-type activities financial information.
  4. 4Performance audits, as defined in the GAO's Governmental Auditing Standards
    1. AProvide a basis for an auditor's opinion as to whether the entity is acquiring, protecting, and using its resources economically and efficiently.
    2. BProvide assurance that operations are in compliance with all applicable laws and regulations that may have a material effect on the financial statements.
    3. CProvide assurance or conclusions based on an evaluation of evidence regarding program effectiveness, economy, and efficiency; internal control compliance, and prospective analyses.
    4. DAre always performed by the internal audit staff to assist the entity's independent auditor.
  5. 5Which of the following would be considered Category (b) GAAP for state and local government auditees?
    1. AAICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA and cleared by the GASB.
    2. BGASB Technical Bulletins.
    3. CGASB Statements and Interpretations.
    4. DGASB Implementation Guides.
  6. 6A common reason why a government might receive a "qualified opinion" from the external auditors is
    1. AA violation of generally accepted accounting principles that does not cause material misstatement of the financial statements.
    2. BA fund balance deficit in the General Fund.
    3. CPoor internal controls such that the accounting records could not be audited.
    4. DLiabilities exceed assets in the General Fund.
  7. 7Attestation engagements include
    1. AAssessment of the extent to which entity programs met their objectives.
    2. BReviews of interim financial information.
    3. CServices that provide various levels of assurance on such matters as internal control, compliance, MD&A presentation, and reliability of performance measures.
    4. DExamining whether the entity's financial statements fairly present in conformity with GAAP.
  8. 8Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)?
    1. AGAAS apply to independent CPA auditors; GAGAS apply to governmental auditors.
    2. BAudits conducted in conformity with GAGAS may also require the auditor to conform to GAAS.
    3. CAudits done in accordance with GAGAS must also be done in accordance with GAAS.
    4. DAudits of state and local governments always required that the audit be conducted in accordance with both GAAS and GAGAS.
  9. 9Which of the following is not a required audit report for a single audit?
    1. AA report on the entity's compliance with laws and regulations.
    2. BA report on internal controls related to the financial statements and major programs.
    3. CA report on the entity's financial statements and conformity with GAAP.
    4. DA report from the cognizant agency on auditee compliance.
  10. 10All of the following reports are included in the reporting package resulting from the single audit except
    1. AFinancial statements and schedule of expenditures of federal awards.
    2. BSummary schedule of prior audit findings.
    3. CReport on efficiency and effectiveness.
    4. DCorrective action plan.

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Description
Chapter 11
Language
English
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