PRINCIPLES OF AUDITING & OTHER ASSURANC
21st Edition
ISBN: 9781264007202
Author: WHITTINGTON
Publisher: MCG
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Question
Chapter 21, Problem 43EOQ
To determine
Identify the appropriate answer related to the entity which is responsible for issuing standards for audits of federal financial assistance programs.
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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.
Which of the following agencies issues independence rules for the auditors of public companies?a. Financial Accounting Standards Board (FASB).b. Government Accountability Office (GAO).c. Public Company Accounting Oversight Board (PCAOB)d. AICPA Accounting and Review Services Committee (ARSC)
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 21 Solutions
PRINCIPLES OF AUDITING & OTHER ASSURANC
Ch. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQ
Ch. 21 - Prob. 11RQCh. 21 - Prob. 12RQCh. 21 - Prob. 13RQCh. 21 - Prob. 14RQCh. 21 - Prob. 15RQCh. 21 - Prob. 16RQCh. 21 - Prob. 17RQCh. 21 - Prob. 18RQCh. 21 - Prob. 19RQCh. 21 - Prob. 20RQCh. 21 - Prob. 21RQCh. 21 - Prob. 22RQCh. 21 - Prob. 23RQCh. 21 - Prob. 24RQCh. 21 - Prob. 25RQCh. 21 - Prob. 26RQCh. 21 - Prob. 27RQCh. 21 - Prob. 28RQCh. 21 - Prob. 29RQCh. 21 - Explain how major federal assistance programs are...Ch. 21 - Describe what is meant by a questioned cost.Ch. 21 - Distinguish between a subrecipient and a primary...Ch. 21 - Prob. 33RQCh. 21 - Prob. 34QRACh. 21 - Steve Ankenbrandt, president of Beeb Corp., has...Ch. 21 - Prob. 36QRACh. 21 - Prob. 37QRACh. 21 - Prob. 38QRACh. 21 - Prob. 39QRACh. 21 - Prob. 40QRACh. 21 - Prob. 41QRACh. 21 - Prob. 42QRACh. 21 - Prob. 43AOQCh. 21 - Prob. 43BOQCh. 21 - Prob. 43COQCh. 21 - Prob. 43DOQCh. 21 - Prob. 43EOQCh. 21 - Prob. 43FOQCh. 21 - Prob. 43GOQCh. 21 - Prob. 43HOQCh. 21 - Prob. 43IOQCh. 21 - Prob. 43JOQCh. 21 - Prob. 43KOQCh. 21 - Prob. 43LOQCh. 21 - Prob. 44OQCh. 21 - Prob. 45OQCh. 21 - Prob. 46PCh. 21 - Devry Corporation has established an independent...Ch. 21 - Prob. 48PCh. 21 - Prob. 49PCh. 21 - Prob. 50ITC
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Similar questions
- 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.arrow_forwardWhat are the major types of audits and audit engagements described in the Government Accountability Office's Government Auditing Standards or generally accepted government auditing standards (GAGAS), and how do they differ?arrow_forwardExplain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.arrow_forward
- Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.arrow_forwardThe primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).arrow_forwardWhich of the following combinations of standards and types of audits are most closelyrelated to the activities of the Public Company Accounting Oversight Board?a. Develop Auditing Standards for the audits of nonpublic entities.b. Develop Auditing Standards for the audits of public entities.c. Develop Statements on Auditing Standards for the audits of nonpublic entities.d. Develop Statements on Auditing Standards for the audits of public entities.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_forward13. 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.arrow_forwardWhat are the three broad types of governmental audits described by the GAGAS issued by the GAO?arrow_forward
- what is the purpose of the Generally Accepted Government Auditing Standardsarrow_forwardDefine the key terms below that relate to auditing of government and not-for-profit organizations in your own words. Be sure that you relate the terms to each other in your paragraph. Attestation engagement Generally Accepted Auditing Standards (GAAS) Opinion audits Materiality Financial auditarrow_forwardWhich non-audit service may be provided to an SEC audit client? A- )Preparing the annual tax returns for review and approval by the client. B- )Designing the future state operating model for its finance and accounting functions. C- )Performing a valuation to support the client’s legal claim. D- )Developing, managing and executing portions of its internal audit plan.arrow_forward
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