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

The fundamental ethical principles identified under generally accepted government auditing standards (GAGAS)include all of the following except:

What are the major types of audits and audit engagements described in the Government Accountability Office's Government Auditing Standards or generally accepted government auditing standards (GAGAS),and how do they differ?

Generally accepted government auditing standards (GAGAS)apply to all of the following audits except:

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. Performance audits For each of the following definitions,indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____ 1. A process that culminates in an opinion that financial statements present fairly an entity's financial position and results of operations in conformity with GAAP _____ 2. An auditor's judgment as to the level at which the quantitative or qualitative effects of misstatements will have a significant impact on user's evaluations _____ 3. Standards prescribed by the AICPA to provide guidance for planning,conducting,and reporting on audits by CPAs _____ 4. Professional services related to internal control,compliance,MD&A presentation,allowability and reasonableness of proposed contract amounts,final contract costs,and reliability of performance measures _____ 5. Units of the government on which the auditor expresses an opinion (e.g.,governmental activities,each major governmental fund,etc.)

The following are key terms in Chapter 11 that relate to single audits: A. Risk-based approach B. Single audit C. Questioned cost D. Material weakness E. Oversight agency F. Major programs G. Cognizant agency H. Significant deficiency For each of the following definitions,indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____ 1. The federal agency that makes the predominant amount of direct funding to the nonfederal entity receiving less than $50 million in federal awards _____ 2. A deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented,or detected and corrected on a timely basis _____ 3. An audit prescribed by federal law for state and local governments and not-for-profit organizations that expend more than $750,000 in a fiscal year _____ 4. Used by auditors to determine which programs will be audited as part of the single audit _____ 5. A monetary item identified by an auditor in an audit finding that generally relates to noncompliance with a law,regulation,or agreement,where the costs are either not supported by adequate documentation or appear unreasonable