Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 21, Problem 43KOQ
To determine
Identify the appropriate answer related to the important aspect of performing an audit in accordance with the Single Audit Act.
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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.
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.
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.
Chapter 21 Solutions
Principles Of Auditing & Other Assurance Services
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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- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forwardCompare and contrast the objectives of financial, compliance, operational audit and government audit. Include in your answer who performs each type of audit.arrow_forwardGenerally 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.arrow_forward
- 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.arrow_forward1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?arrow_forwardThe 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_forward
- Auditors performing audits under the Single Audit Act issue an opinion on whether the Schedule of Expenditures of Federal Awards is fairly stated in all material respects in relation to the F/S taken as a whole. One reason auditors can issue this opinion is that the data used to prepare the Schedule is derived from the underlying accounting records audited. True or falsearrow_forwardThese 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 assertionsarrow_forwardWhich of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Managementarrow_forward
- C) In audits of state and local government units which of the following sections are not required in the auditor's report for a GAAS audit? Group of answer choices 1: Responsibilities of Management for the Financial Statements. 2: Auditor’s Responsibilities for the Audit of the Financial Statements. 3: Report on Waste and Abuse. 4: Basis for Opinion.arrow_forwardSubject- 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 Statementarrow_forwardAudits by the federal government have several benefits.arrow_forward
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