4E5 - Single Audit Act

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.

Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 805, Special Considerations–Audits of Single Financial Statements and. Specific Elements, Accounts or Items of a Financial Statement

13. When auditing an entity's financial statements in accordance with Government Auditing Standards (the "Yellow Book"), an auditor is required to report on: I. Recommendations for actions to improve operations. II. The scope of the auditor's tests of compliance with laws and regulations.   Group of answer choices   I only.   II only.   Both I and II.   Neither I nor II.

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.

10. The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits. Which of the following is a supplemental reporting standard for audits in accordance with Government Auditing Standards? Group of answer choices   A report on the entity's internal control.   Material indications of illegal acts should be reported in a document with distribution restricted to senior officials of the entity audited.   Instances of abuse, fraud, mismanagement, and waste should be reported to the organization with legal oversight authority over the entity audited.   All privileged and confidential information discovered should be reported to the senior officials of the organization that arranged for the 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.

**Objective Question:** Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic audit

s1: The component auditor is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and regulatory and legal requirements, and whether the auditor's report that is issued is appropriate in the circumstances. S2: The auditor's report on the group financial statements shall may refer to a component auditor. S3: A group have have one or more components.    a. All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is true

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Which required SEC filing would contain the following content?    "Our auditors identified the following critical audit matter:  Significant judgment may be required by the Company in determining revenue recognition for these customer agreements.   a)  8-K   b)  Proxy   c)  10-K

a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process  ii) Discuss three importance of audit planning.

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S1: PSA 700 requires a strict order of the elements of an independent auditor's report S2: All audit reports should have a Key Audit Matters paragraph in accordance with PSA 701. S3: PSA 710 defines corresponding figures as amounts and disclosures included in the financial statements in respect of one or more prior periods in accordance with the applicable financial reporting framework    O S1 and S2 are true  O S2 and S3 are true  O All statements are true  O All statements are false

S1: Regarding communications between auditors, the predecessor auditor has the duty to initiate communications with the successor auditor.  S2: Planning means developing a general audit plan and a detailed audit strategy for the expected nature, timing and extent of the audit.  S3: The primary objective of an auditor to study and evaluate existing internal control is to obtain a basis for the expression of an auditor's opinion.    A. Only 1 statement is True  B. Only 2 statements are True  C. All statements are True D. All statementS are False

(a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor's report. This report should contain a mnumber of consistent elements so that users are able to understand what the auditor's report means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determinesand communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.