Exam 16: Auditing Governments and Notforprofit Organizations

Per OMB Circular A-133, "questioned costs" are those that should not be reimbursed under a federal grant because they are in violation of laws of provisions pertaining to the grant.

(True/False)

4.8/5

(90)

Question 41

Performance audits are sometimes referred to as "operational" audits.

(True/False)

4.9/5

(90)

Question 42

The AICPA originally established auditing standards for federal single audits.

(True/False)

4.9/5

(80)

Question 43

Under which set of auditing standards is the auditor required to test compliance with laws and regulations that could have a direct and material effect on the financial statements of the entity?

(Multiple Choice)

4.9/5

(84)

Question 44

In a performance audit of a not-for-profit organization, procedures that auditors would follow to gain an understanding of management controls would NOT include

(Multiple Choice)

4.9/5

(75)

Question 45

Under GAO (GAGAS)standards, independent auditors must report all instances of fraud or illegal acts that they discover during the course of an audit.

(True/False)

4.9/5

(81)

Question 46

An auditor of any government or not-for-profit that receives federal monies must include a report on the entity's internal control structure within their audit report or provide a cross-reference to that report.

(True/False)

4.8/5

(67)

Question 47

Financial audits generally are conducted annually.Performance audits generally are conducted

(Multiple Choice)

4.8/5

(99)

Question 48

Which of the following is NOT a consideration in resolving an ethical dilemma?

(Multiple Choice)

4.9/5

(83)

Question 49

A CPA prepares 'working papers' in an audit of an entity that receives federal financial assistance.Which of the following statements is true with regard to such 'working papers'?

(Multiple Choice)

4.8/5

(74)

Question 50

Regarding the single audit process, required supplemental information is considered to be within the scope of the audit.

(True/False)

4.8/5

(76)

Question 51

Which of the following is NOT true of an attestation engagement?

(Multiple Choice)

5.0/5

(77)

Question 52

If a program to be subjected to a performance audit lacks clearly defined objectives, what can the auditor do?

(Multiple Choice)

4.8/5

(82)

Question 53

Performance audits must be conducted by independent auditors.

(True/False)

4.8/5

(79)

Question 54

What amount of continuing professional education would an auditor, who is not a CPA but who is engaged in the audit of a City that receives significant amounts of federal financial assistance, be required to complete?

(Multiple Choice)

4.9/5

(69)

Question 55

Which of the following is an example of a financial audit?

(Multiple Choice)

4.8/5

(76)

Question 56

An independent CPA who conducts audits of entities that receive federal financial assistance has what responsibility related to a peer review?

(Multiple Choice)

4.9/5

(85)

Question 57

What is the auditor's responsibility for the Schedule of Expenditures of Federal Awards?

(Multiple Choice)

4.8/5

(77)

Question 58

Which of the following is not a unique characteristic that distinguishes ethical decisions made by employees of governments from those made by employees of for-profit entities?

(Multiple Choice)

4.9/5

(90)

Question 59

Showing 41 - 59 of 59

Per OMB Circular A-133, "questioned costs" are those that should not be reimbursed under a federal grant because they are in violation of laws of provisions pertaining to the grant.

Performance audits are sometimes referred to as "operational" audits.

The AICPA originally established auditing standards for federal single audits.

Under which set of auditing standards is the auditor required to test compliance with laws and regulations that could have a direct and material effect on the financial statements of the entity?

In a performance audit of a not-for-profit organization, procedures that auditors would follow to gain an understanding of management controls would NOT include

Under GAO (GAGAS)standards, independent auditors must report all instances of fraud or illegal acts that they discover during the course of an audit.

An auditor of any government or not-for-profit that receives federal monies must include a report on the entity's internal control structure within their audit report or provide a cross-reference to that report.

Financial audits generally are conducted annually.Performance audits generally are conducted

Which of the following is NOT a consideration in resolving an ethical dilemma?

A CPA prepares 'working papers' in an audit of an entity that receives federal financial assistance.Which of the following statements is true with regard to such 'working papers'?

Regarding the single audit process, required supplemental information is considered to be within the scope of the audit.

Which of the following is NOT true of an attestation engagement?

If a program to be subjected to a performance audit lacks clearly defined objectives, what can the auditor do?

Performance audits must be conducted by independent auditors.

What amount of continuing professional education would an auditor, who is not a CPA but who is engaged in the audit of a City that receives significant amounts of federal financial assistance, be required to complete?

Which of the following is an example of a financial audit?

An independent CPA who conducts audits of entities that receive federal financial assistance has what responsibility related to a peer review?

What is the auditor's responsibility for the Schedule of Expenditures of Federal Awards?

Which of the following is not a unique characteristic that distinguishes ethical decisions made by employees of governments from those made by employees of for-profit entities?

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Federal Government Accounting

Filters