Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 1, Problem 29FOQ
To determine
Identify the appropriate term which is included in a government audit.
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Students have asked these similar questions
Compare and contrast the objectives of financial, compliance, operational audit and government audit. Include in your answer who performs each type of audit.
These are standards against which the assertions or representations are judged. They maybe specific rules prescribed by a legislative body, budgets and other measures of performance set by management.
A. Audit objectives
B. Government regulations
C. Established criteria
D. Audit assertions
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.
Chapter 1 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Describe briefly the function of the GAO.Ch. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - What characteristics make an accounting...Ch. 1 - Prob. 24RQCh. 1 - Prob. 25QRACh. 1 - A corporation is contemplating issuing debenture...Ch. 1 - Prob. 27QRACh. 1 - Prob. 28QRACh. 1 - Prob. 29AOQCh. 1 - Prob. 29BOQCh. 1 - Prob. 29COQCh. 1 - Prob. 29DOQCh. 1 - Prob. 29EOQCh. 1 - Prob. 29FOQCh. 1 - Prob. 29GOQCh. 1 - Which of the following did not precipitate the...Ch. 1 - Prob. 29IOQCh. 1 - Prob. 29JOQCh. 1 - Prob. 29KOQCh. 1 - Prob. 29LOQCh. 1 - Prob. 30OQCh. 1 - Prob. 31OQCh. 1 - Prob. 32OQCh. 1 - Prob. 33OQCh. 1 - Prob. 34OQCh. 1 - Prob. 35OQCh. 1 - Prob. 36OQCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Will Williams, a college senior, has begun the...Ch. 1 - Smith Co., a local Dallas public accounting firm,...
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Similar questions
- Which of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government auditarrow_forwardCompliance auditing often extends beyond audits leading to the expression of opinions on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness, as well as: Select one: a. accuracy. b. evaluation. c. adherence to specific rules or procedures d. internal control.arrow_forwardAuditing includes all of the following except:a. A systematic process.b. An objective obtaining and evaluating evidence concerning assertions about economic actions andevents.c. Ascertain degree of correspondence between assertions and financial statements.d. Communicate audit results to interested users. The following are the three types of audits according to subject matter, excepta. Financial statements auditsb. Operational auditsc. Compliance auditsd. External audits The following are the three types of audits according to auditor, excepta. External auditsb. Internal auditsc. Governmental auditsd. Performance audits The following statements relate to auditing in general. Which is false?a. Compliance audits and independent financial statement audits are similar in nature.b. Evaluating the efficiency and effectiveness—which depends on how they are defined—of operationsof an entity is subjective.c. Both a and bd. Neither a nor barrow_forward
- Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.arrow_forwardWhich of the following internal audit assessments belong to specific governance processes? a. Whistleblower process. b. Risk management audit process c. Internal control over financial reporting. d. Fraud risks.arrow_forwardWhat 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.arrow_forward
- Compliance auditing often extends beyond audits leading to the expression ofopinions on the fairness of financial presentation and includes audits of efficiency,economy, effectiveness, as well as(1) accuracy.(2) adherence to specific rules or procedures.(3) evaluation.(4) internal controlarrow_forward23. 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.arrow_forwardWhich of the following engagements is most likely to be considered an operational audit? The auditor determines whether the organization is following provisions of laws and regulations. The auditor examines information presented in an entity’s financial statements to determine whether the financial statements are presented fairly in accordance with the applicable financial reporting framework. The auditor evaluates the organization’s efficiency in processing payments. The auditor assists the client in preparation of financial statements.arrow_forward
- 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.arrow_forwardThe auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures. Required: a. Define audit risk. b. Describe the components of audit risk (e.g., inherent risk, control risk, and detection risk). c. Explain how these components are interrelated. (AICPA, adapted)arrow_forwardWhich of the following is the primary responsibility of auditor? a. To ensure compliance with laws and regulations applicable on the entity b. To design, implement and maintain system of internal control. c. To ensure that financial statement comply with applicable financial reporting framework d. To express an opinion on true and fair view of the financial statements.arrow_forward
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