Gov Reports

Question 1

Performance audits relate to assessing

Answer 1

(1) program effectiveness and results;
(2) economy and efficiency;
(3) internal control;
(4) compliance with legal requirements; or
(5) providing prospective analysis, guidance, or summary information.

Question 2

who issues generally accepted gov auditing standards

Answer 2

GAO

Question 3

GAGAS

Answer 3

audits only

Question 4

Government Audit from regular audit

Answer 4

does not need to state that audits can have fraud; instead must state that auditors looking at the report from outside should have signficant evidence to understand the report BASED ON WPS

Question 5

gov report always contains

Answer 5

SCOPE
1 - IC
2 - COMPLIANCE
3 - GRanta

Question 6

who is responsible for assuring compliance

Answer 6

management

this holds true for all reports

Question 7

compliance in auditors report

Answer 7

never stated

Question 8

what is a dif btw GAGAS and GAAP

Answer 8

GAGAS written report on IC weakness and significant items

SEPARATE REQUIRED REPORT

Question 9

auditors stance on fraud materiality ect.

CAN THEY GO DIRECTLY TO 3RD PARTY

Answer 9

report and use managements point of view

YES IF MANAGEMENT FAILS TO RECTIFY

Question 10

OPINION ON IC

Answer 10

MUST FIRST STATE IF SUFF EVIDENCE

IF YES THEN OPINION

Question 11

COMPLIANCE AUDIT

Answer 11

REPORT THAT COMPLIED WITH COMPLIANCE STANDARD

NOTE NO ASSURANCE PROVIDED