PA Involvement in an Expanded-Scope Audit. A public accounting firm has beenengaged to audit a local food distribution program funded by the U.S. Department of Agriculture. The engagement is to encompass both financial and performance audits that constitute the expanded scope of a GAGAS audit and is to be conducted in accordance with theaudit standards published by the Government Accountability Office (GAO).Required:a. The accountants should perform sufficient audit work to satisfy the financial and compliance element of GAGAS. What is the objective of such audit work? (Hint: Go to theGenerally Accepted Government Auditing Standards at www.gao.gov.)b. The accountants should be aware of general and specific kinds of uneconomical or inefficient practices in such a program. What are some examples?c. What might be some standards and sources of standards for judging program results?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

PA Involvement in an Expanded-Scope Audit. A public accounting firm has been
engaged to audit a local food distribution program funded by the U.S. Department of Agriculture. The engagement is to encompass both financial and performance audits that constitute the expanded scope of a GAGAS audit and is to be conducted in accordance with the
audit standards published by the Government Accountability Office (GAO).
Required:
a. The accountants should perform sufficient audit work to satisfy the financial and compliance element of GAGAS. What is the objective of such audit work? (Hint: Go to the
Generally Accepted Government Auditing Standards at www.gao.gov.)
b. The accountants should be aware of general and specific kinds of uneconomical or inefficient practices in such a program. What are some examples?
c. What might be some standards and sources of standards for judging program results?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Governmental Audits
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education