Which of the following statements is a standard applicable to financial statement audits in accordance with Government Auditing Standards?
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2 .An audit supervisor reviewed the work performed by the staff to determine if the audit was adequately performed. The supervisor accomplished this by primarily reviewing which of the following?
A Financial statements. B Analytical procedures. C Working papers. D Checklists.
3 .Which of the following factors would most likely influence the form and extent of the auditor’s documentation of an entity’s internal control environment?
A Amount of audit work performed at an interim date. B Complexity and size of the entity. C Results of verifying material account balances. D Amount of audit work performed by the internal auditor.
4 .Which of the following statements is not true of the test data approach to testing an accounting system?
A The test data need consist of only those valid and invalid conditions that interest the auditor. B Test data are processed by the client's computer programs under the auditor's control. C The test data must consist of all possible valid and invalid conditions. D Only one transaction of each type n...
5 .The two requirements crucial to achieving audit efficiency and effectiveness with a computer are selecting:
A Client data that can be accessed by the auditor's computer and audit procedures that are generally applicable to several clients in a specific industry. B The appropriate audit tasks for computer applications and the appropriate software to perform the selected audit tasks. C The appropriate softw...
7 .For financial statement audits, generally accepted government auditing standards (GAGAS) incorporate the Statements on Auditing Standards (SAS) that are issued by the AICPA. GAGAS prescribe additional standards on:Direct reportingof illegal actsReporting oninternal controls
A No.........Yes B No.........No C Yes........No D Yes........Yes
8 .Each of the following is an ethical principle that should guide the work of auditors in the conduct of audits under government auditing standards, except:
A Materiality. B The public interest. C Proper use of government information. D Integrity.
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10 .After performing a compliance audit of an entity that received federal funds, what conclusion would the auditor draw if the entity does not have adequate documentation to support $5 million in operating expenses paid from federal program funds?
A The entity submitted unauthorized invoices for expenses. B The entity spent $5 million of government funds for services that were not required. C The entity spent $5 million in operating expenses that were not approved. D Questioned costs of $5 million for operating expenses have been identified.
