Exam 26: Internal and Governmental Financial Auditing and Operational Auditing

In addition to an opinion on whether the financial statements are in accordance with GAAP, identify four other reports required by the OMB Circular A-133/2 CFR 200 subpart F.

Benchmarking is one source of evaluation criteria for completing an operational audit.

Statements on Internal Auditing Standards (SIASs) are issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA).

Operational auditors must accumulate sufficient appropriate evidence to provide a basis for a conclusion about the objectives being tested.

Discuss each of the three phases of an operational audit.

Auditors involved in planning, performing, or reporting on audits under Generally Accepted Government Auditing Standards (GAGAS) must complete ________ hours of continuing professional education in each two-year period.

What are three similarities between internal and external auditors?

3478277 -a government audit to determine whether an entity is acquiring protecting and using its resources economically and efficiently and whether the entity has complied with laws and regulations concerning such matters

Statements on Internal Auditing Standards are issued by the

The International Standards for the Professional Practice of Internal Auditing include which two categories of standards?

The auditing standards of the Yellow Book are consistent with the ten generally accepted auditing standards of the AICPA. There are, however, important additions/modifications in the Yellow Book. For example, the Yellow Book recognizes that materiality and risk are lower due to the nature of the government enterprise. Discuss the other additions/modifications.

External auditors would consider internal auditors effective if they

The Institute of Internal Auditors has established Ethical Principles for its members. List each of the principles.

3478277 -statements issued by the Internal Auditing Standards Board of the Institute of Internal Auditors (IIA) to provide authoritative interpretation of the Institute of Internal Auditors' Practice Standards

Which of the following is not one of the major differences between financial and operational auditing?

Operational audits are often categorized as functional, organizational, or special assignments.

The International Standards for the Professional Practice of Auditing list seven performance standards. List three.

The Single Audit Act requires that an audit be conducted for recipients who receive total federal funds in any fiscal year of more than

At least 24 of the 80 hours of continuing professional education required under GAGAS must be in subjects related to governmental auditing or the governmental environment.

Effectiveness refers to the degree to which costs are reduced without reducing efficiency.