SU 20

Question 1

Another name for government Auditing Standards (GAS)

Answer 1

Yellow Book

Question 2

Who establishes generally accepted government auditing standards (GAGAS)?

Answer 2

The GAO (Government Accountability Office)

Question 3

How many hours of CPE must an auditor have?

Answer 3

80 every 2 years. At least 24 should relate to government auditing.

Question 4

How often must an external peer review be done?

Answer 4

Every3 years.

Question 5

Who are reports distributed to?

Answer 5

Those charged with governance
Officials of audited entity
Appropriate oversight bodies or organizations

Question 6

GAO

Answer 6

Government accountability office sets accounting and auditing standards for U.S. government programs

Question 7

GASB

Answer 7

Sets standards for financial accounting and reporting of state and local governments

Question 8

FASB

Answer 8

Sets standards for financial accounting and reporting for nongovernmental entities

Question 9

GAR

Answer 9

Governmental audit requirement

Question 10

ACR

Answer 10

Applicable compliance requirement

Question 11

Single Audit Act

Answer 11

Requires nonfederal entities that expend 750k or more in federal awards per year.

Nonfederal entities include state and local governments and nonprofits.

Question 12

OMB

Answer 12

Office of management and budget prescribes policies and procedures for the single audit.