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6. In an audit in accordance Government Auditing Standards, the auditors are required to provide a report on: Group of answer choices   Compliance applicable to major federal programs.   The Schedule of financial assistance received.   Compliance with laws and regulations which are required to be tested by generally accepted auditing standards.   Internal control systems used in administering federal assistance programs.

Generally accepted government auditing standards (GAGAS) can apply to a:   Group of answer choices 1: All of the above. 2: Attestation engagement. 3: Performance audit. 4: Financial audit.

23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices   An audit in accordance with Government Auditing Standards.   A single audit.   An audit in accordance with generally accepted auditing standards.   An operational audit.

Although the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.

The Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include all of the following excepta. Financial statement audits.b. Attestation engagements.c. Compliance audits.d. Performance audits.

Explain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.

What is the term used to describe a systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users?   a.  Financial statement audit.     b.  Internal audit.     c.  Program audit     d.  External audit.

Which of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Management

what is the  purpose of the Generally Accepted Government Auditing Standards

7. In an audit in accordance with generally accepted auditing standards, the auditors must test compliance with those laws and regulations that: Group of answer choices   Have a direct and material effect on the financial statements.   Have a direct and material effect on major federal programs.   Have a material direct or indirect effect on the financial statements.   Have a material effect on major or nonmajor programs.

Audit Procedures for Special Purpose Financial Statements: Special purpose financial statements are financial statements prepared for a specific purpose or intended user, often tailored to meet the unique needs of a particular group or individual. These statements may deviate from generally accepted accounting principles (GAAP) and are typically used for specific purposes such as regulatory compliance, tax reporting, or internal decision-making. Key Characteristics of Audit Procedures for Special Purpose Financial Statements: 1. Customization: Audit procedures for special purpose financial statements are tailored to meet the specific requirements of the intended user or purpose of the financial statements. The auditor may need to consider unique accounting principles, measurement bases, or presentation formats. 2. Scope Flexibility: The scope of audit procedures may vary depending on the nature and complexity of the special purpose financial statements and the needs of the intended…

custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.