Adcc 410 Wk 10 Ch. 15 Homework Problems 15-2, 15-5, 15-7, 15-8, an 15-11

ACC 410 WK 10 Quiz 8 Ch. 14 - All Possible Questions

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ACC 410 WK 10 Quiz 8 Ch. 14 - All Possible Questions

TRUE/FALSE 

1. 1.      In 1972, the GAO issued Government Auditing Standards known as the Blue Book.

1. 2.      Performance audits are intended to determine whether an entity’s financial statements are presented fairly in accordance to GAAP.

1. 3.      Agencies that provide funds to governments may stipulate that the audit be conducted in accordance with generally accepted government auditing standards (GAGAS).

1. 4.      GAO standards do not mandate a peer review process for audit organizations.

1. 5.      The Single Audit Act applies to organizations receiving more than $500,000 in federal assistance under more than one program be subject to a single audit.

1. 6.      A single audit has two main components: an audit of the financial statements and an audit of federal financial awards.

1. 7.      In a single audit, auditors are expected to provide an opinion on the financial statements and on the schedule of expenditures of federal awards.

1. 8.      Performance audits are most commonly conducted by external auditors.

1. 9.      The Sarbanes-Oxley Act has had no impact on governmental auditing.

1. 10.  Performance audits may be conducted by staff without training in accounting.

MULTIPLE CHOICE

1. 1.      In reporting the results of a performance audit, it is appropriate for the auditors to

1. conjecture as to the reasons for the program’s failure to achieve desired results

2. include the auditors’ response to management’s objections to the auditors’ findings

3. provide recommendations as to how the program can be improved

4. all of the above.

1. 2.      Government Auditing Standards must be adhered to in all financial audits...