Government Auditing Flashcards
1
Q
What is the role of the Government Accountability Office?
A
support Congress in meeting its constitutional responsibilities, improve performance and ensure the accountability of the federal government
2
Q
What does the work consist of?
A
- auditing agency operations for efficiency and effectiveness
- investigating illegal and impropre activités
- report if government programs meeting objectives
- issuing legal decisions and opinions
- performing policy analyses and outlining various options for Congress
3
Q
What is the purpose of the Yellow Book?
A
Outlines the requirements for audits of organizations that receive federal funding/assistance
4
Q
What are the independence requirements?
A
- 3 types of impairments to independence - personal, external and organizational
- personnel working on non attest engagements are not permitted to work on the audit
5
Q
What some items to note on the audit report?
A
- F/S are in conformity with GAAP
- compliance with laws and regulations (separate report optional)
- understanding of internal control to ensure compliance with laws and regulations in a separate report)
- use a risk based approach
- materiality is determined by program
- workpaper documentation no oral explanations needed
6
Q
What are the items to note on the report on compliance with laws and regulations?
A
- positive assurance on items tested
- negative assurance on items not tested
- report on material instances of noncompliance
- report not restricted
7
Q
What is the items to note for the Single Audit Act?
A
programs that expend $500k+ must be audited
8
Q
what is the department of labor?
A
- mission is to foster and promote the welfare of job seekers, wage earners and retirees
- conducts financial and performance audits
- compliance with applicable laws and regulations
- evaluation of economy and efficiency of operations
- evaluation of effectiveness in achieving program results
9
Q
What isERISA?
A
Employment Retirement Security Act
- employee benefit plans must be audited in accordance
- department of labor enforces audit requirements
