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Govt & Non Profit Organizations - Auditing

Question 1 of 10

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Which of the following is one of the overarching principles in Government Auditing Standards related to auditors performing nonaudit work for clients?

Select one of the following:

  • Auditors should not provide training to clients.

  • Auditors should not provide routine advice to clients or serve on advisory committees.

  • Auditors should not audit their own work or provide nonaudit services in situations when the nonaudit services are significant to the audit subject matter.

  • Auditors should not propose adjusting and correction entries.

Question 2 of 10

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An auditor performing nonaudit work for a client may be in danger of violating the independence rules in Government Auditing Standards when he or she

Select one of the following:

  • Conducts a search and recommends a particular person for a management position for the client.

  • Provides advice on establishing or improving internal controls.

  • Provides the client with benchmarking information.

  • Answers technical questions for the client.

Question 3 of 10

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Which of the following kinds of information is not included within the scope of a financial statement audit of a state or local government?

Select one of the following:

  • Governmental activities financial information.

  • Management's discussion and analysis (MD&A).

  • Major funds financial information.

  • Business-type activities financial information.

Question 4 of 10

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Performance audits, as defined in the GAO's Governmental Auditing Standards

Select one of the following:

  • Provide a basis for an auditor's opinion as to whether the entity is acquiring, protecting, and using its resources economically and efficiently.

  • Provide assurance that operations are in compliance with all applicable laws and regulations that may have a material effect on the financial statements.

  • Provide assurance or conclusions based on an evaluation of evidence regarding program effectiveness, economy, and efficiency; internal control compliance, and prospective analyses.

  • Are always performed by the internal audit staff to assist the entity's independent auditor.

Question 5 of 10

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Which of the following would be considered Category (b) GAAP for state and local government auditees?

Select one of the following:

  • AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA and cleared by the GASB.

  • GASB Technical Bulletins.

  • GASB Statements and Interpretations.

  • GASB Implementation Guides.

Question 6 of 10

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A common reason why a government might receive a "qualified opinion" from the external auditors is

Select one of the following:

  • A violation of generally accepted accounting principles that does not cause material misstatement of the financial statements.

  • A fund balance deficit in the General Fund.

  • Poor internal controls such that the accounting records could not be audited.

  • Liabilities exceed assets in the General Fund.

Question 7 of 10

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Attestation engagements include

Select one of the following:

  • Assessment of the extent to which entity programs met their objectives.

  • Reviews of interim financial information.

  • Services that provide various levels of assurance on such matters as internal control, compliance, MD&A presentation, and reliability of performance measures.

  • Examining whether the entity's financial statements fairly present in conformity with GAAP.

Question 8 of 10

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Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)?

Select one of the following:

  • GAAS apply to independent CPA auditors; GAGAS apply to governmental auditors.

  • Audits conducted in conformity with GAGAS may also require the auditor to conform to GAAS.

  • Audits done in accordance with GAGAS must also be done in accordance with GAAS.

  • Audits of state and local governments always required that the audit be conducted in accordance with both GAAS and GAGAS.

Question 9 of 10

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Which of the following is not a required audit report for a single audit?

Select one of the following:

  • A report on the entity's compliance with laws and regulations.

  • A report on internal controls related to the financial statements and major programs.

  • A report on the entity's financial statements and conformity with GAAP.

  • A report from the cognizant agency on auditee compliance.

Question 10 of 10

Medal-premium 1

All of the following reports are included in the reporting package resulting from the single audit except

Select one of the following:

  • Financial statements and schedule of expenditures of federal awards.

  • Summary schedule of prior audit findings.

  • Report on efficiency and effectiveness.

  • Corrective action plan.


Govt & Non Profit Organizations - Auditing

Quiz by , created about 3 years ago

Chapter 11

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Created by turquoise_cat about 3 years ago