Chat with AIExam 11: Auditing of Governmental and Not-For-Profit Organizations
Which of the following is not one of the types of opinions an auditor may render in accordance with generally accepted auditing standards?
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VerifiedA
"The guidance provided by OMB Circular A-133,the OMB Compliance Supplement,and AICPA publications has resulted in an extraordinarily high level of single audit quality." Do you agree or disagree? Why?
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Answered by Examlex AI CopilotI disagree with the statement that the guidance provided by OMB Circular A-133, the OMB Compliance Supplement, and AICPA publications has resulted in an extraordinarily high level of single audit quality. While these resources provide important guidance for conducting single audits, the quality of the audits ultimately depends on the competence and diligence of the auditors themselves.
The OMB Circular A-133 and the OMB Compliance Supplement outline the requirements and guidelines for conducting single audits, and AICPA publications provide additional guidance and best practices. However, the effectiveness of these resources in ensuring high audit quality is limited by the varying levels of expertise and commitment among auditors.
Furthermore, the complexity and evolving nature of federal grant programs and regulations can present challenges for auditors, and there may be instances where the guidance provided by these resources is not sufficient to address unique or emerging issues.
Ultimately, while these resources are valuable tools for auditors, the level of single audit quality is determined by the proficiency and dedication of the auditors themselves, as well as the support and oversight provided by their organizations and regulatory bodies. Therefore, I do not believe that the guidance provided by these resources alone has resulted in an extraordinarily high level of single audit quality.
Audits of governments' financial statements are performed to determine if the financial statements are correct and in accordance with generally accepted accounting principles,but not to determine if there is compliance with laws and regulations.
(42) Government Auditing Standards (GAS)issued by the U.S.Comptroller General,also referred to as generally accepted government auditing standards (GAGAS),apply to all of the following audits,except
(34) In audits of state and local government units which of the following paragraphs may not be required in the auditor's report for every audit?
(34) What are the major types of auditor services described in the Government Accountability Office's Government Auditing Standards (yellow book),and how do they differ?
(30) In auditing compliance with laws and regulations as part of a single audit,the auditor must render an opinion on the specific requirements applicable to each program for which the entity receives federal financial assistance.
(42) In the standard auditor's report for a state or local government,the introductory paragraph identifies the opinion units on which the auditor is expressing an opinion and refers to the accompanying financial statements of those units.Name or describe the financial statements that are usually accompanying the standard report.
(34) How is an OMB Circular A-133 audit related to a GAGAS audit? How is an OMB Circular A-133 audit different from a GAGAS audit?
(32) What are the benefits to a state or local government of establishing an audit committee?
Which of the following best describes the relationship between generally accepted auditing standards (GAAS)and generally accepted government auditing standards (GAGAS)?
(30) Explain how federal award programs are selected for audit under the risk-based approach.
Under GAGAS,safeguards are controls designed to eliminate threats to independence.
(42) Which of the following is not a required audit report for a single audit?
(33) Explain what an "attestation engagement" is and contrast that to financial audits and performance audits.
(42) In evaluating an entity's system of internal controls a significant deficiency is a deficiency in the design or operation of internal controls of such magnitude that the internal control components do not reduce the risk of detection or prevention of material misstatement to an acceptably low level.
(35) Under the existing GAAP hierarchy for state and local government financial reporting,the GASB Implementation guides are
(45) Audit objectives set forth by the United States Comptroller General in Government Auditing Standards (GAS or GAGAS)differ from the AICPA view (GAAS)as discussed in Chapter 11.Explain briefly how GAS audits might meet the information needs of taxpayers better than GAAS audits.Make clear what the two sets of objectives cover.
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