need accounting 410 quiz answeres

need accounting 410 quiz answeres

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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

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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
3
0
1
6
8

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