The scope of audits of recipients of federal financial assistance in accordance with federal audit regulations varies. Which of the following elements do these audits have in common?
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1 .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...
2 .The two requirements crucial to achieving audit efficiency and effectiveness with a computer are selecting:
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3 .Which of the following statements is a standard applicable to financial statement audits in accordance with Government Auditing Standards?
A An auditor should briefly describe in the auditor's report the method of statistical sampling used in performing tests of controls and substantive tests. B An auditor should determine the extent to which the entity's programs achieve the desired level of results. C An auditor should assess whether...
4 .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
5 .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.
7 .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.
8 .The purpose of establishing quality control policies and procedures for deciding whether to accept or continue a client relationship is to:
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9 .A CPA firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
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10 .Roro, Inc. paid USD7,200 to renew its only insurance policy for three years on March 1, Year 5, the effective date of the policy. At March 31, Year 5, Roro's unadjusted trial balance showed a balance of USD300 for prepaid insurance and USD7,200 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, Year 5?
A Prepaid insuranceUSD7,000; Insurance expense USD500 B Prepaid insuranceUSD7,000; Insurance expense USD300 C Prepaid insuranceUSD7,200; Insurance expense USD300 D Prepaid insuranceUSD7,300; Insurance expense USD200
