23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices An audit in accordance with Government Auditing Standards. A single audit. An audit in accordance with generally accepted auditing standards. An operational audit.

23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices An audit in accordance with Government Auditing Standards. A single audit. An audit in accordance with generally accepted auditing standards. An operational audit.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 3CYBK

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n which of the following audit type the operational area of the audit is determined by management? a. Government audit b. Internal audit c. Statutory audit d. External audit
Compare and contrast the objectives of financial, compliance, operational audit and government audit. Include in your answer who performs each type of audit.
Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.
Auditing includes all of the following except:a. A systematic process.b. An objective obtaining and evaluating evidence concerning assertions about economic actions andevents.c. Ascertain degree of correspondence between assertions and financial statements.d. Communicate audit results to interested users. The following are the three types of audits according to subject matter, excepta. Financial statements auditsb. Operational auditsc. Compliance auditsd. External audits The following are the three types of audits according to auditor, excepta. External auditsb. Internal auditsc. Governmental auditsd. Performance audits The following statements relate to auditing in general. Which is false?a. Compliance audits and independent financial statement audits are similar in nature.b. Evaluating the efficiency and effectiveness—which depends on how they are defined—of operationsof an entity is subjective.c. Both a and bd. Neither a nor b
Which of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Management
Generally accepted government auditing standards (GAGAS) can apply to a: Group of answer choices 1: All of the above. 2: Attestation engagement. 3: Performance audit. 4: Financial audit.
Which of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government audit
13. When auditing an entity's financial statements in accordance with Government Auditing Standards (the "Yellow Book"), an auditor is required to report on: I. Recommendations for actions to improve operations. II. The scope of the auditor's tests of compliance with laws and regulations. Group of answer choices I only. II only. Both I and II. Neither I nor II.
7. In an audit in accordance with generally accepted auditing standards, the auditors must test compliance with those laws and regulations that: Group of answer choices Have a direct and material effect on the financial statements. Have a direct and material effect on major federal programs. Have a material direct or indirect effect on the financial statements. Have a material effect on major or nonmajor programs.
Which of the following types of audit evidence generally is the most reliable? A. Inquiries made of management B. confirmation of account information C. analytical procedures D. review the prior-year audit process
Which of the following is usually not part of an internal audit department’s audit charter?a. A commitment from management to ensure the independence of the internal auditdepartment.b. A definition of the scope of the audit department’s activities.c. The organizational structure of the internal audit department.d. The reporting requirements of the internal audit department.
In auditing, a special purpose auditors’ report is used in connection with the independent audit of the following financial information, EXCEPT A. Financial statements prepared in accordance with a comprehensive basis of accounting B. Compliance with contractual agreements C. Specified accounts elements of accounts or items in a financial statement D. Financial statements prepared in accordance with PFRS