ACCT – 410 Quiz

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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

Which of the following is not a General Auditing Standard for financial audits?
Answer

professional judgment

financial stability

independence

competence

The Yellow Book’s general standards are issued by the
Answer

GAO

FASB

AICPA

IRS

Which of the following is a Yellow Book standard in respect to independence?
Answer

auditors may only audit one government agency during a fiscal year

auditors should not audit their own work

auditors may not advise in respect to computer installation

auditors may not audit public corporations

Government Auditing Standards characterizes government engagements into which of the following three categories?
Answer

financial audits, compliance audits, and performance audits

financial audits, operational audits, and performance audits

financial audits, attest engagements, and performance audits

financial audits, efficiency and effectiveness audits, and compliance audits

This law requires that the wages of laborers and mechanics employed by the contractors of federally funded projects be paid at prevailing local wage rates.
Answer

Davis-Bacon Act

Sarbanes-Oxley Act

Federal Wage and Hour Law

IRS Act

Federal funds must be used only for activities that are within the scope of the grant would be a(n)
Answer

optional activity

Yelllow Book mandate

allowable activity

prohibited activity

In discerning the objectives of a program to be audited, the auditors should give the least credibility to
Answer

the legislation creating the program

the organization’s program budget

the organization’s mission statement and strategic plan

comments by the lower-level employees who actually depend on the program for their livelihoods.

The process of specifically directing federal funds to a particular program is called:
Answer

allocation

earmarking

identification

subversion

Auditors who perform government audits must complete 80 hours of continuing professional
education every two years, of which ____ hours must be related directly to government auditing.
Answer

24

30

16

8

Government Auditing Standards must be adhered to in all financial audits except of
Answer

state and local governments

federal agencies

federally chartered banks

public corporations

Which of the following is not reported upon in the Schedule of Findings and Questioned Costs?
Answer

reportable conditions related to internal control

material noncompliance with provisions of laws, regulations, contracts, or grant agreements

material examples of inefficiency and ineffectiveness in carrying out federally funded programs

federally reimbursed expenditures that are not adequately documented

In reporting the results of a performance audit, it is appropriate for the auditors to
Answer

conjecture as to the reasons for the program’s failure to achieve desired results

include the auditors’ response to management’s objections to the auditors’ findings

provide recommendations as to how the program can be improved

all of the above.

Which of the following statements is incorrect about GAO standards pertaining to performance audits?
Answer

The GAO mandates that programs be audited annually by accounting trained professionals

Performance audits are normally carried out by internal audit departments

Performance audits focus on specific programs

The GAO does not specify when and how often a program, must be audited

‘‘Generally accepted government auditing standards’’ (GAGAS) refers to standards incorporated in
Answer

the Yellow Book

the Yellow Book and OMB Circular A-133

the Yellow Book and the AICPA’s Professional Standards

the Yellow Book OMB Circular A-133, and the AICPA’s Professional Standards

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