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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 10 Chp 12

QuestionAnswer
Services related to internal control, compliance, MD&A presentation, allowability and reasonableness of proposed contracts amounts, final contract costs, and reliability of performance measures Attestation engagement
An audit designed to provide reasonable assurance that a government has complied with applicable laws and regulations. Compliance audit
Written agreement between an auditor and the audited entity that describes the scope of work to be completed, among other things. Engagement letter
One of the two major types of audits defined by the U.S. Government Accountability Office. Provides an auditor's opinion that financial statements present fairly an entity's financial position and results of operations in conformity with GAAP. Financial audits
A reportable condition of such magnitude that the internal control structure elements do not reduce the risk of material noncompliance to an acceptably low level. Material weakness
An auditor's judgment as to the level at which the quantitative or qualitative effects of missstatements will have a significant impact on user's evaluations. Materiality
Work that is solely for the benefit of the entity requesting the work and does not provide for a basis for conclusions, recommendations, or opinions. Nonaudit work
Provides an auditor's independent determination (not opinion) of the extent to which government officials are efficiently, economically, and effectively carrying out their responsibilities. Performance audits
An audit of one specific federal program as opposed to a single audit of the whole entity. Program-specific audit
A deficiency in internal control, or combination of deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report data reliably. Significant deficiency
An audit prescribed by federal law for state and local governments and not-for-profit organizations that expend federal financial assistance above a specified amount. Single audit
Created by: jennifer.scheele
 

 



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