Governmental entities and other recipients of governmental financial assistance,depending upon the circumstances,may be subject to an audit in accordance with Generally Accepted Auditing Standards (GAAS audit),Government Auditing Standards (GAS audit)and the Federal Single Audit Act (Single Audit Act audit).Place an X by proper reports issued by auditors for each of these audits on the following: \[\begin{array} { | l | l | l | l | } \hline \text { Reports issued } & \begin{array} { c } \text { GAAS } \\ \text { audit } \end{array} & \begin{array} { c } \text { GAS } \\ \text { Audit } \end{array} & \begin{array} { c } \text { Single } \\ \text { Audit Act } \\ \text { Audit } \end{array} \\ \hline \text { Opinion on financial statements. } & & \\ \hline \text { Report of findings and questioned costs. } & & \\ \hline \begin{array} { l } \text { Summary report of audit results relating to financial } \\ \text { statements, internal control, and compliance. } \end{array} & & & \\ \hline \text { Special release entitlements report. } & & & \\ \hline \begin{array} { l } \text { Report on compliance with applicable laws and } \\ \text { regulations and internal control. } \end{array} & & & \\ \hline \begin{array} { l } \text { Report on the schedule of expenditures of federal } \\ \text { funds. } \end{array} & & & \\ \hline \text { Report on major foreign transactions. } & & & \\ \hline \end{array}\]

\[\begin{array} { | l | c | c | c | } \

Exam 21: Internal, Operational, and Compliance Auditing

Operational auditing has grown in importance over the last few decades. a.Define operational auditing. b.Who are the major users of operational audit reports? c.List the phases of an operational audit.

(Essay)

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Question 41

Governmental entities and other recipients of governmental financial assistance,depending upon the circumstances,may be subject to an audit in accordance with Generally Accepted Auditing Standards (GAAS audit),Government Auditing Standards (GAS audit)and the Federal Single Audit Act (Single Audit Act audit).Place an X by proper reports issued by auditors for each of these audits on the following: Reports issued GAAS audit GAS Audit Single Audit Act Audit Opinion on financial statements. Report of findings and questioned costs. Summary report of audit results relating to financial statements, internal control, and compliance. Special release entitlements report. Report on compliance with applicable laws and regulations and internal control. Report on the schedule of expenditures of federal funds. Report on major foreign transactions.

(Essay)

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Question 42

Management is beginning to take corrective action on personnel department deficiencies reported during the last internal audit.According to the IIA's Standards,the internal auditor should:

(Multiple Choice)

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Question 43

Interviewing operating personnel,identifying he objectives of the auditee,identifying standards used to evaluate performance,and assessing the risk inherent in the auditee's operations are activities typically performed in which phase of an internal audit?

(Multiple Choice)

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(84)

Question 44

The GAO standards of reporting for governmental financial audits incorporate the AICPA standards of reporting and prescribe supplemental standards to satisfy the unique needs of governmental audits.Which of the following is a supplemental reporting standard for audits in accordance with Government Auditing Standards?

(Multiple Choice)

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Question 45

Costs paid with federal assistance that appear to be in violation of a law or regulation are known as:

(Multiple Choice)

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Question 46

Operational auditing has grown in importance over the last few decades. a.Define operational auditing. b.Who are the major users of operational audit reports? c.List the phases of an operational audit.

Management is beginning to take corrective action on personnel department deficiencies reported during the last internal audit.According to the IIA's Standards,the internal auditor should:

Interviewing operating personnel,identifying he objectives of the auditee,identifying standards used to evaluate performance,and assessing the risk inherent in the auditee's operations are activities typically performed in which phase of an internal audit?

Costs paid with federal assistance that appear to be in violation of a law or regulation are known as:

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of CPAS

Audit Evidence and Documentation

Audit Planning, understanding the Client, assessing Risks, and Responding

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, Notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property Plant and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Additional Assurance Services: Other Information

Probability-Proportion-To-Size Sampling

Filters