government auditing standards (GAGAS)

Question 1

government auditing standards (gagas) issued by ____

Answer 1

GAO under the authority of the comptroller of the US. aka yellow book

Question 2

gagas impose _____

Answer 2

additional general field work, and reporting standards beyond gaas

Question 3

a written report on Internal control over financial reporting is required for _____

Answer 3

every audit under GAGAS

Question 4

a written report on compliance with applicable laws, regulations and agreements is ___. duties are______

Answer 4

required.

need to distinguish between general and specific req
noncompliance having a material and direct effect
scope on auditors compliance testing
may have a duty to report fraud

Question 5

gagas standards

remember the three c’s as key concepts

Answer 5

controls-must issue a report on internal control in all cases

compliance- must issue a report on compliance (with emphasis on general and specific requirements applicable to the entity.

crimes-must report all known illegal acts that could result in criminal prosecution

Question 6

must abide by the single audit act if they spent over _____in federal money

Answer 6

750k

Question 7

the purpose of the single audit actiis to promote efficiency and

Answer 7

requires a single coordinated audit of the aggregate federal funds with emphasis on major assistance programs

requires an audit of the entity’s financial statements and a schedule of expenditures of federal assistance

audit needs to be performed in accordance with gagas

identify each major program based on risk assessments (determine materiality seperately for each program)

test ic and compliance over each major program