A) An annual audit must be performed encompassing the nonfederal entity's financial statements and schedule of expenditures of federal awards. B) The audit must be conducted by an independent auditor in accordance with generally accepted government auditing standards (GAGAS)and cover the operations of the entire nonfederal entity. C) For each major program,the auditor must obtain an understanding of the internal controls pertaining to the compliance requirements for the program,assess control risk,and perform tests of controls,unless the controls are deemed to be ineffective. D) All of the above statements regarding a single audit are true. A) An annual audit must be performed encompassing the nonfederal entity's financial statements and schedule of expenditures of federal awards. B) The audit must be conducted by an independent auditor in accordance with generally accepted government auditing standards (GAGAS)and cover the operations of the entire nonfederal entity. C) For each major program,the auditor must obtain an understanding of the internal controls pertaining to the compliance requirements for the program,assess control risk,and perform tests of controls,unless the controls are deemed to be ineffective. D) All of the above statements regarding a single audit are true.

Exam 11: Auditing of Governmental and Not-For-Profit Organizations

The opinion paragraph of the independent auditor's standard report states the auditor's opinion that the financial statements are free of errors.

(True/False)

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Question 41

Performance audits provide findings or conclusions based on an evaluation of sufficient,appropriate evidence against criteria.

(True/False)

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Question 42

Under a single audit

(Multiple Choice)

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Question 43

When conducting a governmental financial statement audit,how does the auditor determine the appropriate auditing standards for the engagement?

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Question 44

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Required supplementary information (RSI),such as the MD&A and budgetary comparison schedules,are covered under a financial statement audit.

(True/False)

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Question 45

A single audit conducted pursuant to the Single Audit Act Amendments of 1996 requires which of the following types of audits?

(Multiple Choice)

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Question 46

The scope paragraph of an independent auditor's report on a financial audit of a local government

(Multiple Choice)

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Question 47

Typical objectives of a performance audit include

(Multiple Choice)

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Question 48

Since it is impossible to define every situation that creates threats to independence,the yellow book standards (i.e.,GAGAS)establish a conceptual framework that requires auditors to identify,evaluate,and apply safeguards to appropriately address threats to independence.

(True/False)

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Question 49

Circumstances that could impair independence and therefore should be evaluated are called

(Multiple Choice)

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Question 50

An auditor performing nonaudit work for a client may be in danger of violating the independence rules in Government Auditing Standards when he or she

(Multiple Choice)

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Question 51

The following are key terms in Chapter 11 that relate to auditing of governmental and not-for-profit organizations: A.Attestation engagement B.Generally accepted auditing standards (GAAS) C.Opinion units D.Materiality E.Financial audit F.Generally accepted government auditing standards (GAGAS) G.Nonaudit work H.Performance audits

(Essay)

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Question 52

In the auditor's report the financial statements on which the opinion is being expressed are specified in the

(Multiple Choice)

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Question 53

In which paragraph of the standard audit report does the auditor communicate to the user that certain combining fund information in the financial statements is not part of the basic financial statements,but that such information has been subjected to auditing procedures and,in his or her opinion,is fairly presented in all material respects in relation to the basic financial statements?

(Multiple Choice)

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Question 54

Which of the following statements regarding generally accepted government auditing standards (GAGAS)is not true?

(Multiple Choice)

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Question 55

Which of the following would be considered Category (b)GAAP for state and local government auditees?

(Multiple Choice)

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Question 56

A common reason why a government might receive a "qualified opinion" from the external auditors is

(Multiple Choice)

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Question 57

Contrast and compare a financial audit to a performance audit,as defined in the GAO's Government Auditing Standards (yellow book).

(Essay)

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Question 58

If the auditor determines that the financial statements contain a departure from GAAP,the effect of which is material,or there has been a material change between periods in accounting principles,or in the method of their application,the auditor should express an unqualified opinion.

(True/False)

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Question 59

All of the following reports are included in the reporting package resulting from the single audit except

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Question 60

Showing 41 - 60 of 66

The opinion paragraph of the independent auditor's standard report states the auditor's opinion that the financial statements are free of errors.

Performance audits provide findings or conclusions based on an evaluation of sufficient,appropriate evidence against criteria.

Under a single audit

When conducting a governmental financial statement audit,how does the auditor determine the appropriate auditing standards for the engagement?

Required supplementary information (RSI),such as the MD&A and budgetary comparison schedules,are covered under a financial statement audit.

A single audit conducted pursuant to the Single Audit Act Amendments of 1996 requires which of the following types of audits?

The scope paragraph of an independent auditor's report on a financial audit of a local government

Typical objectives of a performance audit include

Since it is impossible to define every situation that creates threats to independence,the yellow book standards (i.e.,GAGAS)establish a conceptual framework that requires auditors to identify,evaluate,and apply safeguards to appropriately address threats to independence.

Circumstances that could impair independence and therefore should be evaluated are called

An auditor performing nonaudit work for a client may be in danger of violating the independence rules in Government Auditing Standards when he or she

In the auditor's report the financial statements on which the opinion is being expressed are specified in the

Which of the following statements regarding generally accepted government auditing standards (GAGAS)is not true?

Which of the following would be considered Category (b)GAAP for state and local government auditees?

A common reason why a government might receive a "qualified opinion" from the external auditors is

Contrast and compare a financial audit to a performance audit,as defined in the GAO's Government Auditing Standards (yellow book).

If the auditor determines that the financial statements contain a departure from GAAP,the effect of which is material,or there has been a material change between periods in accounting principles,or in the method of their application,the auditor should express an unqualified opinion.

All of the following reports are included in the reporting package resulting from the single audit except

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

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