Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Question
Chapter 26, Problem 18.2MCQ
To determine
Identify the option which is the first step of conducting an audit to know about whether the desired results of a program are achieved or not.
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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
Which of the following is the least important consideration for a governmental auditor whoneeds to be objective when auditing and reporting on an agency’s achievement of programgoals?a. Measure the actual output results of agency activities.b. Compare the agency’s actual output results to quantitative goal standards.c. Perform a comprehensive review of management controls.d. Determine quantitative standards that describe goals the agency was supposed to achieve.
Compare and contrast the objectives of financial, compliance, operational audit and government audit. Include in your answer who performs each type of audit.
Chapter 26 Solutions
Auditing and Assurance Services (16th Edition)
Ch. 26 - Prob. 1RQCh. 26 - Prob. 2RQCh. 26 - Prob. 3RQCh. 26 - Prob. 4RQCh. 26 - Prob. 5RQCh. 26 - Prob. 6RQCh. 26 - Prob. 7RQCh. 26 - Prob. 8RQCh. 26 - Prob. 9RQCh. 26 - Prob. 10RQ
Ch. 26 - Prob. 11RQCh. 26 - Prob. 12RQCh. 26 - Prob. 13RQCh. 26 - Prob. 14RQCh. 26 - Prob. 15RQCh. 26 - Prob. 16.1MCQCh. 26 - Prob. 16.2MCQCh. 26 - Prob. 16.3MCQCh. 26 - Prob. 17.1MCQCh. 26 - Prob. 17.2MCQCh. 26 - Prob. 17.3MCQCh. 26 - Prob. 18.1MCQCh. 26 - Prob. 18.2MCQCh. 26 - Prob. 18.3MCQCh. 26 - Prob. 19.1MCQCh. 26 - Prob. 19.2MCQCh. 26 - Prob. 19.3MCQCh. 26 - Prob. 20DQPCh. 26 - Prob. 21DQPCh. 26 - Prob. 22DQPCh. 26 - Prob. 23DQPCh. 26 - Prob. 24DQPCh. 26 - Prob. 25DQP
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Similar questions
- What 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_forwardWhich 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_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
- Which of the following BEST (select one) describes the purpose of the audit work program? a) To communicate the results of the audit. b) To document the plan, scope and objectives of the audit. c) To document that sufficient and reliable evidence was obtained to support the audit objectives. d) To verify and substantiate the results of the preliminary field work.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_forwardAnother term used for performance audit is *a. Agency activity auditb. Value for money auditc. Program implementation auditd. Regulation compliance auditarrow_forward
- The internal audit risk assessment process: [SELECT ALL THAT APPLY] a) Provides the Internal Audit function with an ability to prioritize risk areas based on objective and subjective evaluation criteria. b) Should be considered the foundation of the audit function. c) Leads to the creation of the annual audit plan and audit budget. d) Should leverage management's enterprise risk management assessment process, if appropriate.arrow_forwardWhich of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Managementarrow_forwardEvaluate the contribution of the internal audit function to the effective running of an organization.arrow_forward
- Once the overall audit strategy has been established, what can be developed to address the various matters identified in the overall audit strategy, taking into account the need to achieve the audit objectives through the efficient use of the auditor’s resources. A.audit strategy B.audit plan C.audit plan and audit strategy D.audit note bookarrow_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_forwardAssess the value of an organization's internal audit function to its overall success.arrow_forward
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