Additional Reporting Requirements under GAO/GAS

Question 1

pension information is a form of

Answer 1

RSI (required supplementary information)

Question 2

RSI is…

Answer 2

data presented in addition to the basic F/S and is required by reporting framework or regulation (SEC or GASB)

Question 3

RSI is limited…

Answer 3

procedures of inquires and analytical procedures to determine if information is appropriately presented AND verify information has not been omitted

Question 4

SI that gets included as part of the audited basic F/S uses

Answer 4

substantive procedures

Question 5

under Yellow Book, auditors who encounter fraud or noncompliance with federal law during a GAGAS audit, should

Answer 5

1. inform those charged with governance (entity’s audit committee)
2. if the entity is required by law to report the noncompliance to external parties but DOES NOT
3. the auditor will report it to those parties (counterparty to the contract)

Question 6

GAGAS audits are usually performed on

Answer 6

government agencies or entities receiving assistance from, or under contract with, federal, state or local governments

Question 7

in a performance audit, auditor

Answer 7

reports on economy and efficiency

Question 8

GAGAS report

Answer 8

Under Compliance and Other Matters

“…noncompliance with which could have a direct and material effect on the F/S…”

Question 9

if auditor detects noncompliance with requirements that have a material effect
issue..

Answer 9

adverse or qualified opinion on compliance

Question 10

when comparative* F/S are presented, auditors report

Answer 10

on I/C and compliance covers only the most recent period

*more than one set of F/S covering more than one period