Chapter-14-Quiz

Apr 30th, 2015
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The purpose of this is to avoid duplication of efforts in conducting governmental audits Answer AICPA’s Professional Standards GAO’s Government Auditing Standards Single Audit Act OMB Circular A-133

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The purpose of this is to avoid duplication of efforts in conducting governmental auditsAnswerAICPA's Professional StandardsGAO's Government Auditing StandardsSingle Audit ActOMB Circular A-133Which of the following is not a General Auditing Standard for financial audits?Answerprofessional judgmentfinancial stabilityindependencecompetenceThe Yellow Book's general standards are issued by theAnswerGAOFASBAICPAIRSWhich of the following is a Yellow Book standard in respect to independence?Answerauditors may only audit one government agency during a fiscal yearauditors should not audit their own workauditors may not advise in respect to computer installationauditors may not audit public corporationsGovernment Auditing Standards characterizes government engagements into which of the following three categories?Answerfinancial audits, compliance audits, and performance auditsfinancial audits, operational audits, and performance auditsfinancial audits, attest engagements, and performance auditsfinancial audits, efficiency and effectiveness audits, and compliance auditsThis law requires that the wages of laborers and mechanics employed by the contractors of federally funded projects be paid at prevailing local wage rates.AnswerDavis-Bacon ActSarbanes-Oxley ActFederal Wage and Hour LawIRS ActFederal funds must be used only for activities that are within the scope of the grant would be a(n)A

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